The new standard for lease accounting from the Financial Accounting Standard Board (FASB), ASC 842, has been in place for about six months now, taking effect for fiscal years beginning after Dec. 15, 2021. Companies that have been dragging their feet on compliance will want to hop on the bandwagon ASAP – especially since more […]
Heads up Finance leaders! The IRS announced on its website that Form 8879-C – the E-file Signature Authorization for Form 1120, the U.S. Corporation tax form – is now “historical.” What this means: “The 2021 revision is the last revision of the form. Prior revisions will be available on IRS.gov,” the Service said. Specifically, the […]
As the pandemic subsides and you look to grow your business, positive cash flow will be essential. But if your cash flow could be better, here are moves you can make right now for a healthier bottom line, according to the experts at business financing services provider Nav.com. Expenses & cash flow Product inventory and […]
Your peers and your A/R team are concerned about delayed and re-negotiated B2B payments. Research from The Hackett Group found that many companies took even longer to pay suppliers during the first half of 2021 than they did at the start of the pandemic in 2020. And last year, The Wall Street Journal reported that […]
Fringe benefits can be tricky when tax time comes around. Keeping complete records helps you avoid legal hassles. Here’s a recent case where an employer’s excellent recordkeeping and reporting kept it out of trouble with the Service. After United Airlines pilots retire, they’re entitled to a special perk from their former employer – free “standby” […]
You and your team are numbers people, so it’s pretty obvious when the amount of a payment doesn’t match what you’ve billed. Enter the payment variance. Some can be resolved in a few seconds (when it’s a simple math mistake); others can eat up tons of time to handle (when a vendor is short-paying over […]
Your company may benefit from the temporary 100% business deduction for food or beverages from restaurants, and A/P and Payroll hold key information that can help. By way of reminder, the Taxpayer Certainty and Disaster Relief Act of 2020 bumped up the business deduction from 50% to 100%. The law allowed only a temporary increase, […]
An audit can be stressful and costly, especially if problems surface. One construction and carpentry company recently found that out firsthand, when an audit revealed a fringe benefits shortfall. In Raines v. Builders Alliance Inc., under the terms of a Collective Bargaining Agreement (CBA), the Minnesota employer needed to make fringe benefit contributions to several […]
CFOs and finance teams have had to navigate numerous changes in recent years. The pandemic has shifted commerce online, accelerated remote work and put governments on a roller coaster of changing rules and legislation — all of which have had cascading impacts on the finance and accounting teams across companies of all sizes. As if […]
