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Learn MoreHeads 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…
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…
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…
Resourceful Finance Pro, part of the Rover Insights 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.
