GovCon Wednesdays Estimated Read Time: 5 minutes The Incurred Cost Submission (ICS) is more than a single document, it is a structured package of schedules designed to reconcile your fiscal year’s direct and indirect costs and certify that all claimed costs comply with FAR 52.216-7. These schedules help the government determine whether your billed costs were reasonable, allowable, and allocable, and they support final indirect rate determinations and contract closeouts. This installment… Read More
ICS Essentials #4: ICS Requirements for Time & Materials (T&M) and Mixed Contracts
GovCon Wednesdays Estimated Read Time: 5 minutes One of the most common ICS misunderstandings in GovCon comes from Time & Materials (T&M) and mixed contracts. Many contractors assume T&M or partially fixed-price agreements do not require an ICS but under FAR rules, ICS requirements depend on whether the contract reimburses actual allowable costs. This installment explains exactly when T&M and mixed contracts trigger ICS filing. Core Concept: When T&M… Read More
ICS Essentials #3: Thresholds & Deadlines for ICS (Including Post–July 1, 2018 Award Rules)
GovCon Wednesdays Estimated Read Time: 5 minutes For contractors with flexibly priced contracts, timely submission of the annual Incurred Cost Submission (ICS) is required under FAR 52.216-7. Missing the deadline can slow down contract closeouts, trigger increased audit scrutiny, or even result in the government setting your indirect rates for you through a unilateral determination.This part of the ICS Essentials Series explains the key thresholds and deadlines that GovCons must… Read More
Are Your Numbers Telling the Truth? Cash vs. Accrual Explained—Fast.
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