Are state income taxes allowable under far?
State and local taxes, including property, franchise, and income taxes, are allowable contract costs in accordance with FAR 31.205-41.
Are taxes unallowable costs?
Federal, state, and local taxes are allowable. Federal allowable taxes includes excise taxes as per FAR 29.201. However, federal income taxes are unallowable. Keep in mind fines and penalties charged with taxes are unallowable as they are not considered taxes.
What are allowable costs in far?
Allowable costs are defined in the FAR as costs that are reasonable and allocable to the contract, per the terms of the contract at issue, Cost Accounting Standards and the FAR. (See FAR 31.201-2). Although this is a broad definition, FAR Section 31 specifically addresses many types of costs a contractor may incur.
Which of the cost categories are allowable under FAR Part 31?
Examples of these include: Interest Expense, Donations or Contributions, Entertainment, Contingencies, Bad Debts, Fines & Penalties, Goodwill, Losses on Contracts, Organization/Re-Organization Costs, Alcohol, Promotion, Personal Use, Profit Distribution, First Class Airfare, Legal Costs, and Travel Costs in Excess of …
What do you consider when determining if a cost is allowable?
(a) A cost is allowable only when the cost complies with all of the following requirements: (1) Reasonableness. (2) Allocability. (3) Standards promulgated by the CAS Board, if applicable, otherwise, generally accepted accounting principles and practices appropriate to the circumstances.
Are bank fees allowable under far?
Administrative costs associated with short-term borrowings for working capital may be classified as “bank fees.” These administrative costs are allowable under FAR 31.205-27, Organization costs. … VISA or MasterCard), and the card-issuing bank for processing payment through the credit card network.
Are business meals allowable under far?
70-3 Business Meals
For individuals not on official travel, assure that any meal expense is an integral part of the meeting as described in FAR 31.205-43(c), necessary for the continuation of official business during the meal period, and not a social function.
What is the difference between allowable and allocable?
A cost is allowable only if: The cost is reasonable; it reflects what a prudent person might pay. The cost is allocable; the contract or grant that paid the expense benefits from it.
Are bonuses allowable costs?
Bonuses and incentive programs are allowable costs if certain criteria are met. These include: 1. The bonuses must be based on a written agreement, plan or policy implying an agreement.
What are examples of reasonable costs?
For example, the cost of a bottle of water may be very different in the middle of a desert than in the middle of a major city, though both purchases could be considered “reasonable” to a prudent person.
What questions should be asked to determine if a cost is reasonable?
Reasonable
To determine if a cost is reasonable, ask the following questions: Is the cost necessary for the performance of the Sponsored Award? Does incurring this cost violate the restraints or requirements imposed by federal and state laws and regulations, or Sponsored Award terms and conditions?
What is the difference between allowable and unallowable expenses?
Allowable costs are charges incurred by a program that can be covered with your Office of Justice Programs (OJP) grant. Unallowable costs are charges incurred by a program that cannot be covered or reimbursed by your OJP grant.
What is Allocability?
: capable of being allocated.
What are the cost principles?
MIT follows four cost principles. The cost must be (1) allowable, (2) allocable, (3) reasonable, and (4) consistent. Though these principles may change depending on the project, they must be used to determine whether the costs are appropriate for a sponsored project.
What are federal cost principles?
Federal cost principles are regulations that help recipients and subrecipients determine eligible costs for specific activities identified in grant agreements and contracts and outlines financial management requirements including audits.
Is allowability a word?
noun. The quality or condition of being allowable; permissibility, allowableness (of something).
Which one basically defines the allowable sentence?
syntax
The syntax defines the allowable sentences.
What is the meaning of unallowable?
not allowable
Definition of unallowable
: not allowable : impermissible.
What is the meaning of the word passable?
Definition of passable
1a : capable of being passed, crossed, or traveled on passable roads. b : capable of being freely circulated. 2 : good enough : adequate. Other Words from passable Synonyms & Antonyms More Example Sentences Learn More About passable.
What is the prefix for Historic?
prefix pre-
The prefix pre-, means “before” and historic relates to something from a past culture. Put the two together, and you get prehistoric, a word that describes something that comes from a time before history was recorded.
What word means not true?
apocryphal, deceptive, distorted, erroneous, false, fictitious, inaccurate, incorrect, misleading, mistaken, specious, spurious, unfaithful, unsound, untruthful, wrong, cheating, counterfactual, deceitful, delusive.
What is the prefixes of war?
Prefixes
| base word | prefixed word | type of meaning |
|---|---|---|
| possible | impossible | opposite |
| able | unable | opposite/negation |
| payment | non-payment | negation |
| war | pre-war | time (before) |