Fix expense in the Corporate Governance Agreement effortlessly

Aug 6th, 2022
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How to Fix expense in the Corporate Governance Agreement

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hello and welcome to this session this is professor farhat in this session were going to be looking at the business interest expense limitation and this applies to the tax cuts and jobs acts of 2017. this topic is covered in income tax course the cpa exam regulation section as well as the enrolled agent exam now as always i would like to remind you my viewers to connect with me on a professional level please connect with me on linkedin if you dont have a linkedin account you should get a linkedin account its very good for networking for professional networking as well as connecting with your peers and knowing about your industry if youre a facebook user like my facebook page and you could also connect with me on a personal level youtube is where you need to subscribe please subscribe to my youtube so this way you dont miss anything if you like my recording please like them if you think other people will benefit share them put them in playlist let the world know about them i do ha

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CAS applies to contracts, not to contractors or agencies. CAS requirements apply to all negotiated contracts in excess of $2 million, unless an exemption applies. A contract award of $7.5 million or more is generally a trigger contract that establishes CAS coverage, unless an exemption below applies.
If a cost is reasonable and allocable (chargeable) to the contract, then it will be allowable, unless specifically prohibited by the cost regulations. Probably the best way to define unallowable costs is to list the ones specifically determined by the government in the FAR to be unallowable.
There are 10 exemptions, the principle ones being (1) sealed bid contracts (2) negotiated contracts not in excess of $750,000 (3) contracts with small businesses (4) contracts where prices are set by law or regulations (5) contracts for commercial items and (6) firm-fixed price contracts awarded without submission of
The correct answer is A. FAR 52.230-2 Cost Accounting Standards.
If a cost is reasonable and allocable (chargeable) to the contract, then it will be allowable, unless specifically prohibited by the cost regulations. Probably the best way to define unallowable costs is to list the ones specifically determined by the government in the FAR to be unallowable.
Answer choice: D. The contract or subcontract is with a small business.
Definition. Costs that cannot be charged to the Federal Government or included in the Facilities and Administrative (indirect) cost rate.
Unallowable Costs Indirect Rates. Unallowable costs are excluded from the cost pools (not billable) , but included in the bases as appropriate.
Price fixing is an agreement (written, verbal, or inferred from conduct) among competitors to raise, lower, maintain, or stabilize prices or price levels. Generally, the antitrust laws require that each company establish prices and other competitive terms on its own, without agreeing with a competitor.
Being involved in a cartel and participating in illegal price fixing is prohibited by competition law in the UK and considered an offence under the Competition Act 1998 and the Enterprise Act 2002.

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