Prepared by VSINGH CPA LLC As we close out the year, now is the perfect time to make sure your accounting method is giving you the clarity, accuracy, and compliance support your GovCon business needs. The method you use—Cash Basis or Accrual—directly affects your indirect rates, invoicing, forecasting, and audit readiness. This guide breaks down the differences in a simple, GovCon-specific way so you can enter 2026 with confidence. Accrual… Read More
ICS Essentials #2: Who Must Submit an ICS? (Contract Types & Exemptions)
GovCon Wednesdays Estimated Read Time: 5 minutes Not every contractor is required to file an Incurred Cost Submission but if your contracts include cost-reimbursable elements, the ICS becomes an annual compliance requirement under FAR 52.216-7. Understanding whether your contract requires an ICS is essential for staying compliant and avoiding unilateral rate determinations from your ACO. This article explains exactly who must submit an ICS and which contracts are exempt. Core Concept:… Read More
ICS Essentials #1: What Is an Incurred Cost Submission (ICS)?
GovCon Wednesdays Estimated Read Time: 5 minutes If your business has flexibly priced contracts, cost-reimbursable or certain T&M agreements, you are required to submit an Incurred Cost Submission (ICS) each year under FAR 52.216-7. An ICS ensures that every cost billed to the government is reasonable, allowable, and allocable, and that final contract costs reflect what your business actually incurred during the fiscal year. This first installment of the ICS… Read More
Tip # 7: Final Wrap-Up — Year-End Complete, What’s Next?
GovCon Wednesdays Estimated Read Time: 5 minutes Congratulations, you’ve made it through your GovCon year-end close! After weeks of reviewing invoices, reconciling accounts, validating entries, and preparing reports, it’s time to take a step back and look at the bigger picture: What’s next for 2026? This final tip in the GovCon Year-End Closing Series focuses on strengthening internal processes, refreshing compliance requirements, and setting a solid foundation for the new year. Reflect… Read More
SBA Requires All 8(a) Firms to Submit Three Years of Financial Records: What Government Contractors Need to Know
Estimated Read Time: 6 minutes On December 5, 2025, the U.S. Small Business Administration (SBA) announced that it has sent letters to all participants in the 8(a) Business Development Program, directing them to submit detailed financial and contract records covering the last three full fiscal years. More than 4,300 small businesses are affected. This mandate is part of a broader initiative to address concerns about fraud, waste, and abuse in preference-based… Read More
Tip # 6: Year End – Review Contract Status Reports & Submit Data to Tax/Audit Teams
GovCon Wednesdays Estimated Read Time: 5 minutes After reviewing your accounting system, reconciling accounts, and confirming compliance under ASC 606 and ASC 842, it’s time to close the loop by reviewing your contract status reports and submitting final data to your tax professionals and auditors. This step connects your operational data to your financial statements, ensuring everything aligns before filings or audits begin. Why It Matters For government contractors, accurate… Read More