…you can focus on its many other challenges. How Segregation of Duties Strengthens a Contractor’s Control Environment A contractor’s control environment includes the governance and management functions and the attitudes,…
…Considerations for effective contractor billing processes Effective billing practices are crucial for maintaining strong client relationships and ensuring timely payments. By prioritizing transparency and accuracy, contractors can enhance trust and…
…Cybersecurity team will continue to monitor the rollout of the CMMC program and update you on new information and changing requirements for DoD contractors. Questions? Contact us: Email | 804.747.0000…
…to, evaluate and implement the new standard. A more tricky area of the new revenue recognition standard for contractors is the idea of uninstalled materials, or their impact on satisfying…
…important in maintaining fairness and balance in contractual agreements between the government and contractors. Understanding REAs is crucial for both parties involved, as they represent a formal process to address…
New legislation provides some tax relief for contractors Complying with sales tax laws can be challenging for the average business; however, compliance is even more challenging for contractors who may…
…to best practices in reporting to enhance and promote consistency in contractor financial statement reporting. Tips for Consistency in ASC 606 Reporting ASC 606 Terminology Changes Contractors need to be…
…are classified as contract assets. This means the contractor does not have an unconditional right to the retention amounts until certain conditions are met. Receivables for retentions If the contractor’s…
What Virginia Construction Contractors Need to Know About New Statute §11-4.6 Earlier this year, the Virginia General Assembly enacted a law that can make contractors liable to the subcontractors’ employees…
…(i.e. independent contractor). Rather, your worker classification is determined by your facts and circumstances. Worker classification is a hot topic with the IRS so correctly identifying your status is very…
Overview of CMMC 2.0 Proposed Rule In late 2023, the Department of Defense’s (DoD) much-anticipated Cybersecurity Maturity Model Certification (CMMC) 2.0 was published into the Federal Register as a Proposed…
Customer location impacts state and local tax compliance requirements for businesses Many of the top state and local tax considerations for this year are the same as last year but…