Federal Contractors Get Another Round of Familiar Cost-Reporting Paperwork
Published Date: 6/16/2025
Notice
Summary
Contractors working with the government need to keep submitting cost reports, payments info to small business partners, and bankruptcy alerts just like before. This notice asks for public feedback by July 16, 2025, to keep these rules in place without changes. If you’re a contractor or small business subcontractor, this keeps the paperwork steady and on schedule, helping everyone stay on the same page with costs and payments.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Submit Final Indirect Cost Proposals
If you are a government contractor, you must submit an adequate final indirect cost rate proposal within the 6-month period following the expiration of each fiscal year. The proposed rates must be based on your actual cost experience for that period and may be certified under FAR clause 52.242-4 to establish or modify rates used for reimbursement.
Overall Paperwork Burden Totals
The information collection covers 6,265 respondents, with a total of 6,265 annual responses and a total burden of 1,504,083 hours per year associated with these clauses (FAR 52.216-7, 52.216-15, 52.242-4, 52.242-5, and 52.242-13).
Report Late or Reduced Subcontractor Payments
Prime contractors must self-report to the contracting officer when they make late or reduced payments to small business subcontractors and must include the reason(s) for the reduced or untimely payment. The contracting officer records contractors with such a history in the Federal Awardee Performance and Integrity Information System and evaluates the contractor's explanation.
Five-Day Bankruptcy Notification Requirement
Contractors must notify the contracting officer within five days after initiating proceedings related to a bankruptcy filing. The contracting officer uses the notification to assess the contractor's ability to perform the government contract.
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Key Dates
Department and Agencies
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