Archive for June 2014
Investments and Avoiding Management Letter Comments
A common audit comment given to organizations is in regards to recording investment activity. An organization should track the changes in the investment accounts monthly by each individual investment that makes up each account. After the changes are compiled in a spreadsheet, the overall change should be recorded monthly in the accounting records. Below are some common mistakes related…
Read MoreDoD is Rethinking Fair and Reasonableness of GSA Schedule Pricing
DoD has decided that GSA Schedule prices may not be fair and reasonable and is instructing Contracting Officers to conduct their own pricing review on GSA task orders. For those unfamiliar with FAR 8.404(d), its authority provides one of the primary values of the GSA Schedules program. It states: “GSA has already determined the prices…
Read MoreNew 60-day IRA Rollover Rules Spell Trouble for Some
Early this year, the U.S. Tax Court made a surprise ruling (Bobrow v. Commissioner) related to the 60-day IRA rollover rules. The ruling, which came as a shock to individuals and practitioners alike, completely contradicted the IRS’ previous position, the instructions in Publication 590 and years of practice. Prior to the ruling, individuals could take…
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