Good news: Your company can continue to rely on an electronic signature for many different tax forms through the end of the year. IRS recently extended the use of electronic and digital signatures on many tax forms until Dec. 31,…
Accounting
IRS just announced it will hold fourth quarter interest rates steady for federal tax payments. According to Revenue Ruling 2021-17, your interest rates as of October 1 will be: 2% for overpayments0.5% for the portion of a corporate overpayment exceeding…
CFOs, it’s time to ensure that all your financial ducks are in a row. More IRS audits could soon be coming your way. As we mentioned earlier this year, the Service promised to boost its efforts with more auditors. Specifically,…
Many public companies have now finished their second year accounting for leases under ASC 842, and the effective date for private companies is quickly approaching. The new lease accounting rules significantly impact the way companies—both public and private—account for their…
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,…
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…
