ReliAscent® would like to remind all government contractors that if you had a Cost Reimbursable type contract in 2023, your Incurred Cost Proposal / DCAA ICE Submission is due 6 months after the end of your FY (per FAR 52.216-7).  If your FY ends on Dec 31st, that means your submission deadline is rapidly approaching, and it's time to get started! Just like you shouldn't wait until April 1st to select your accountant and start your tax return, you shouldn't wait any longer to select a qualified government contract accounting firm to help you with your ICE.  The ex ..read more

The following post is the first guest blog from one of our new partners in 2024, Hull & Knarr LLP, written by Business Development Manager, John Berry. Stay tuned for more blogs from John, as well as featured guest posts from new  partners this spring and summer!   The R&D Credit is an incentive that has been around for more than 40 years, yet there remain many businesses that opt not to claim it for one reason or another. In some cases, businesses owners have a vision of what R&D is and don’t believe that what they do constitutes R&D despite the fact that the tax cod ..read more

Government Contractors and SBIR/STTR awardees are holding their collective breath as Congress considers tax legislation that would immediately halt the devastating R&D Amortization requirement from the TCJA and IRS section 174. In a 40-3 vote on January 19th, the House Ways and Means Committee advanced a tax deal to the floor that would restore two major business deductions through 2025, among other changes. The deal, titled “Tax Relief for American Families and Workers Act of 2024,” while only a temporary fix (through 2025, but retroactive back to 2022), would restore immediate R&D ex ..read more

As readers of our blog and most small business government contractors likely know by now, the IRS proposed new guidelines for Section 174, the consequences of which will devastate our economy and stop American innovation dead in it's tracks.  To recap: in very basic terms, the enforcement of these guidelines directs all businesses to capitalize any Research and Development expenses over 5 years, including labor. The impact of not being able to claim R&D expenses would create a tremendous tax liability that most small businesses aren’t prepared to cover, by creating hundreds of thousan ..read more

2024 may only be nine weeks away, but Q4 is always the best time to begin discussing setting up a DCAA Compliant Accounting System with ReliAscent®. Whether you need a compliant system for the first time, or your current system, accountant, or govcon accounting firm just isn't working out the way you had hoped, the experts at ReliAscent® are here to help.  Our staff can setup and maintain a cloud-hosted, QuickBooks® Enterprise-based system in a matter of weeks, for small businesses ranging in size from $500k - $50M in annual revenue (and January setups are the most affordable---don't pay ..read more

As you may or may not know, the IRS has proposed new guidelines for Section 174.  In very basic terms, the enforcement of these guidelines directs all businesses to capitalize any Research and Development expenses over 5 years, including labor. The impact of not being able to claim R&D expenses would create a tremendous tax liability that most small businesses aren’t prepared to cover. The business casualties of these new guidelines would be immeasurable.  ReliAscent encourages all government contractors and grantees to reach out to their Senators and Representatives and ask that ..read more

Believe it not, the fourth quarter is almost upon us, and all small businesses should be thinking about a few key things before year-end. Setting aside time to do some simple planning can make a world of difference for tax strategy, budgeting, and maximizing profit. Here are some things to consider: Take a close look at cash and decide if it’s worth delaying some receivables. Can you wait to draw down funds from reimbursement sources such as NSF and NIH until after January 1? Can you delay billing certain customers until later into the quarter? If you can wait, it will likely lead to a large ..read more

The following post was contributed by Fedsprout, the newest addition to ReliAscent’s Partnership Network. Fedsprout is a nationwide consulting firm providing proposal writing and strategy services to small businesses, incubators, universities, and non-profits. Their team of Ph.D. proposal writers and subject matter experts spans diverse disciplines, boasting an impressive track record of hundreds of successful proposal submissions, and can even provide consulting services for your SBIR/STTR award. Fedsprout's expertise extends across numerous federal agencies including the Department of Defens ..read more

At ReliAscent®, we often emphasize that “it takes more than just an accounting firm to stay compliant and successful” in the govcon industry. Our clients—and visitors to our blog & website—know that while a DCAA compliant accounting system is paramount, the importance of expert contract management and CFO services cannot be overlooked. Unfortunately, most small businesses are not able to hire full-time employees to fill these roles, which is why it is so important to have as-needed access to consultants that can bridge expertise gaps.   How does ReliAscent’s approach to service really ..read more

With all of the controversy surrounding TikTok and it's Chinese parent company, ByteDance Ltd., it is no surprise that the Federal Acquisition Regulation (FAR) recently added a new clause specifically targeting the popular social media app. Effective June 2, 2023, FAR 52.204-27 prohibits the use of TikTok, or any other app created by ByteDance Ltd., on any computer or device used by the Federal Government, or Federal Government Contractors. For the full clause text, click here. ReliAscent® strongly urges our clients, and all government contractors, to update their employee handbooks to include ..read more