Let your Payroll and A/P teams know that there’s new guidance from IRS on handling qualified transportation fringe benefits. An advice memorandum from the Office of Chief Counsel looked closely at a company that decided to reimburse an employee in…
Accounting
Springtime is fast approaching. And, as Finance knows, so are unclaimed property deadlines in many states across the country. But this spring’s not just like any other. There’s been an increase in auditors working on behalf of states to ferret…
Calculating the value of company cars employees drive for their personal use just got a little easier now that IRS has released final regs. And they took effect Feb. 5, 2020. The final regs provide the details you and your…
Keep a close eye on your corporate card provider. Some are planning to make changes to their fees that’ll affect how much your company has to pay. One prime example: Currently, Visa is overhauling its structure for interchange rates, reports…
Seems many of your fellow finance departments are having "trust issues": More than half (55%) of companies aren’t completely confident they can identify financial errors before they report their results. Even worse: 70% of finance execs and biz leaders believe…
Of all the strict IRS requirements your finance team strives to meet at year-end, accurate 1099s and W-2s hit the top of the list. The good news is, Finance has really stepped up its game on that front. In fact,…
Start shopping! Your company can now write off most depreciable assets the year they're put into service thanks to IRS's finalized first year depreciation regs. You’ll recall the 100% depreciation was put into place by the Tax Cuts and Jobs…
When it comes time to present annual numbers or important updates at your company, you want to guarantee it goes swimmingly. But you know nothing’s foolproof. There are any number of unforeseen issues that can throw you off, or even…
While it’s not a done deal yet, you’re likely going to get an extra year to get in compliance with the new lease accounting standard -- if you’re a private company. Last month FASB unanimously voted to push back the…
Your company will soon be able to take a new step to protect employees’ sensitive info at year-end - IRS just issued a final rule that lets employers voluntarily truncate employee Social Security numbers (SSNs) on W-2s. This isn’t the…
Few things are quite as headache-provoking as the thought of IRS auditors scrutinizing your company’s financial records, one by one. (more…)
