We've Come to the End of the Road: FY 2018 Report to Congress Says DCAA Backlog is No More
Client Alert | less than 1 min read | 07.11.19
The Defense Contract Audit Agency (DCAA) recently made public its Fiscal Year (FY) 2018 Report to Congress (“Report”), which, among other things, reports that DCAA has eliminated its incurred cost audit backlog.
The Report also describes its industry outreach activities and DCAA’s plans to focus more attention on other audits, such as business systems, Truth in Negotiations Act, Cost Accounting standards, pre-award surveys, claims, and terminations. Those plans are discussed more fully in our blog post.
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FLSA Overtime Reporting and Withholding
The One Big Beautiful Bill Act (the Act), signed on July 4, 2025, allows a deduction from an individual’s personal tax return on Form 1040 for “qualified overtime compensation” as defined in new Code § 225. The amount that can be deducted from the employee’s return is capped at $12,500 with the maximum then adjusted down if the employee’s AGI exceeds certain limits. This deduction is permitted in 2025.
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