Tell your finance team to get ready! Companies of all sizes will have to prepare for a lower e-filing threshold. IRS recently proposed regulations to change the rules for filing information returns, effective as soon as this year-end. Right now,…
Accounting
There’s new information available for your finance team about the forthcoming 1099 platform for preparing and filing returns. The Electronic Tax Administration Advisory Committee (ETAAC) recently released a new report on how the Service can improve its practices. And in…
FASB’s lease accounting standard (ASC 842) will take effect for periods beginning after Dec. 15, 2021 (calendar year 2022) for private companies. Which means hopefully by now you’re in full-on preparation mode. But what technology route should you take to…
Companies are getting a small break! IRS is temporarily letting businesses take a 100% deduction on food and beverages from restaurants. As you know, your company can typically take a 50% deduction on meal and beverage costs, as long as:…
The annual Purple Book from the National Taxpayer Advocate is here, and this year’s report contains several recommendations for the IRS to make changes that’ll impact your Payroll and Finance teams. Many of the suggested updates deal with e-filing returns,…
A proposed rule would make things a little easier for finance teams whose duties get impacted by federally declared disasters. The new IRS rule, Mandatory 60-Day Postponement of Certain Tax-Related Deadlines by Reason of a Federally Declared Disaster, can be…
Does your company rely on digital advertising services? There's an escalating tax trend that employers should be aware of. In the last year or so, several states have proposed taxing digital advertising services in one way or another. Some wanted…
IRS has doled out two business tax warnings, both about things companies should be doing and things they shouldn’t. This tax season, IRS is putting businesses on notice with some not-so-subtle reminders about compliance issues. Take a look at the…
There's no rest in Finance! For some companies, the next few months bring important spring unclaimed property reporting deadlines. This time of year, things are already busy for your finance team as they handle other critical responsibilities, like year-end filing…
If your company makes a cash charitable contribution for disaster relief, you can take a larger deduction. But only if you act fast. Your company can deduct up to 100% of your taxable income for cash contributions for relief efforts…
If the chaos of the pandemic and year-end caused your finance team to put the idea of an IRS audit on the backburner, it's time to bring that focus front and center again. IRS is planning to increase the number…
The holidays have passed, year-end work is in full swing, and 1099 reporting deadlines for 2020 are right around the corner. Given the pandemic, this tax season likely feels and looks a lot different than year-ends past. And as CFO,…
