A big part of year-end prep includes getting ready for the next year, which means figuring out where legal and banking holidays fall in 2021. As you know, it’s critical for your finance team to start preparing for the new year’s…
Accounting
After months of hype and talk about the new 1099-NEC, it’s almost time for your A/P team to file these forms. Of course, like most tax forms and IRS procedures, the 1099-NEC has a few quirks. And since this is…
Let your finance team members know: They won't have any new interest rates to contend with as we start the new year. IRS will hold the 2021 first quarter interest rates steady. That's according to IRS Revenue Ruling 2020-28. The…
If 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…
