Category Archives: Uncategorized

SBIR Accounting Myth #8: “When My Contract Expires, I Can Run My Excess Costs Through Indirect Rates”

This would be a major problem in your system, not to mention risk with the United States Government. Costs do not change their color because your period of performance ended. A direct cost is a direct cost regardless of the … Continue reading

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SBIR Accounting Myth #5: “Let’s Wait Until Phase II to Bring My System Up-to-Date”

Not a good idea. Showing the government a working system helps demonstrate compliance, as well as trains you and your staff the importance of properly coding transactions, recording time, and billing the government. In other words, this becomes part of … Continue reading

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SBIR Accounting Myth #3: Accepting the QuickBooks Chart of Accounts is Adequate

Surprise! No. The default charts of accounts embedded in QuickBooks used upon setup will be the beginning of the end. There is no semblance of compliance between a default chart of accounts and an adequate chart of accounts. For example, … Continue reading

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Research Tax Credits are Cash for Your Business

Now that Congress has finally extended the research and experimentation credit retroactive to January 1, 2014 and through December 31, 2014, your business may be an ideal candidate to earn credits for unfunded research during the past three years (yes, … Continue reading

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Classifying Independent Contractors vs. Employees

If you have an SBIR award or a government contract, misclassifying employees and consultants has a dire impact on your tax situation, as well as how you recover costs under your federal award. An individual who performs services for you … Continue reading

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QuickBooks® Online vs. Desktop for Government Contractors

Is Quickbooks® Online an adequate accounting system for government contracting? No. Given the job cost requirements of doing business with the federal government, Quickbooks® Pro or Premier has been shown to do the job. In a government contracting setting, contractors are … Continue reading

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Developing an Adequate Accounting System for your SBIR Award

Introduction video:   For more information, please visit the Moker CPA YouTube channel, or visit our website at http://www.MokerCPA.com.

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