As discussed at Aronson’s 2018 Government Contracting Fall Conference, make sure to have your revenue recognition plan scheduled and appoint a team member to manage the project now, because January 2019 will be here before you know it! There is more work involved that you might think. In addition to your revenue concerns, it is important for you to be meeting with your tax accountants to discuss your tax planning and how the new regulations might affect your business. This especially goes those who do “consulting,” which is now considered a “bad word” for tax purposes. Remember that if your marketing materials or website show that your business is “consulting,” it can drastically affect your taxes.
At the conference, we also explored how changing your accounting system might affect your adequate accounting system, as well as what this means for those who are bidding on Oasis or doing work as a subcontractor. Lastly, but importantly, we explained how to effectively manage cost type contracts and invoice for this year’s indirect rate variances.
For those who could not attend this year, we hope to see you at next year’s event. We had a full house, and it was an excellent training event!
Now, drum roll please… the 3 winners of a $50 Amazon gift card for participating in the “Booster Learn” questions are:
- Tom Ferrara
- Sarah Otchet
- David Zalewski
Congratulations to our winners, and thank you for participating! Aronson hopes 2018 has been a successful year for your firm, that you enjoy the upcoming holiday season, and that 2019 will get off to a great start.