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Learn MoreIf your company “reasonably” expects to receive forgiveness for your Paycheck Protection Program (PPP) loan in that taxable year, you cannot deduct your PPP expenses. So says just-released IRS Revenue Ruling 2020-27. Companies have long had questions about timing of…
How far can states go when requesting and assessing your company's finance records in an unclaimed property audit? A recent court case, State of Delaware, Department of Finance v. AT&T Inc., helped to set the record straight. As you know,…
Update: IRS finalized and published these business expense regulations in the Federal Register, effective Oct. 9, 2020. It’s about time! There’s finally more clarity to help your company correctly deduct certain business expenses on your tax returns. IRS recently posted…
Here’s new insight for your finance department on how to compliantly reimburse delivery drivers for their mileage expenses. As you know, per the Fair Labor Standards Act (FLSA), companies must pay nonexempt employees at least minimum wage for all the…
Though the 1099-NEC was revived to simplify year-end filing, there’s one aspect that will make things more complicated for your finance team. IRS recently released Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and…
As year-end inches closer, there’s one surefire way CFOs can guarantee more accuracy for information returns: IRS’s TIN Matching tool. Sure, your finance staffers have heard about this verification tool. But are they actually using it – and using it…
Remind Finance to stay sharp! IRS recently sent out its latest round of notices with proposed penalties for information return errors. And if any of these pesky 972CG notices arrive in your team’s mail pile, you should know IRS has…
Despite the hectic times finance departments are in right now, fall unclaimed property deadlines are still coming up fast. Monitoring and timely filing unclaimed property can pose challenges for Finance any year. But this year, there are additional challenges due to the…
Heads up! IRS recently published proposed regulations with guidance on the deduction of qualified transportation fringe expenses and commuting expenses. As you know, due to the Tax Cuts and Jobs Act, companies are no longer allowed to deduct for qualified…
To avoid costly interest and penalties, filing unclaimed property accurately and timely is now even more important for companies. In a recent case, the New York Supreme Court essentially said companies are automatically liable for interest on any unclaimed property they have in the…
Heads up, CFOs. IRS has officially unveiled the new Form 1099-NEC, which your finance staff will use to report nonemployee compensation. In the recently released Tax Tip 2020-80, the Service explained that the reinstated 1099-NEC will be used in tax…
As your finance team grapples with today's complex business world, unclaimed property compliance can become even more of a challenge. Given the current circumstances, your team’s probably devoting most of its time to pressing tasks: processing invoices, cutting checks, appeasing…
Resourceful Finance Pro, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day's headlines, Resourceful Finance Pro delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.
