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
Incurred Cost Submission
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
Year-End Incurred Cost Submission (ICS): What GovCons Need to Know
GovCon Wednesday’s Your Guide to Wrapping Up the Fiscal Year RightEstimated Read Time: 8 minutes You’ve used Provisional Billing Rates (PBRs) to recover indirect costs throughout the year but now it’s time to settle up. The Incurred Cost Submission (ICS) is where estimates meet reality. In Part 8 of VSINGH CPA’s 10-part series, we walk through what the ICS is, why it’s critical for federal contractors, and how accurate PBRs can make… Read More