We would like to remind all Federal Government Contractors that if you had a cost reimbursable type contract in 2015, and your FY ends on December 31st, you are facing a critical deadline in less than 4 weeks: Your Incurred Cost Proposal/Submission (ICE) is Due No Later Than June 30th (per FAR 52.216-7).Read More
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It’s that time of year again (I know, I know), and even though your small business is just getting over the chaos of tax season, ReliAscent would like to remind our clients and all federal contractors that another important deadline is rapidly approaching: your Incurred Cost Proposal/ICE Submission is (more than likely) due on June 30th!Read More
The Defense Contract Audit Agency (DCAA) has just released an updated version of the Incurred Cost Electronically Model (the standard ICE submission) for contractors preparing adequate incurred cost proposals in accordance with FAR 52.216-7.Read More
Now that we are reaching the end of the "incurred cost proposal" season for most contractors (contractors whose fiscal year ends December 31st), most accountants are breathing a sigh of relief. This is much like the sigh we hear after April 15th in many CPA offices. The important thing to remember, however, is that you can actually help reduce your pain next year by monitoring your rates through the year.
The Federal Acquisition Regulations (FAR Para 52.216-7) require that the Federal Contractor submit an "adequate final indirect cost rate proposal" to their Contracting Officer within 6 months of the end of the Contractor's fiscal year. For most small businesses, the fiscal year coincides with the calendar year which means the submission is due at the end of the following June. Well, here we are at the end of June! I must say that we are experiencing a heavy workload in helping clients comply with this regulation at this time. But what if you just can't get it done in time, or realized too late that it is due now? What recourse do you have? The government will grant extensions to file these submissions if requested in writing to the CO and support their request with adequate supporting data.