The Inflation Reduction Act aka "Build Back Better Lite" looks like a done deal. The $740 billion package is chock full of tax hikes for some and tax breaks and credits for others. Passed along purely partisan lines 51-50, Democrats…
Accounting
With several states recently passing legislation restricting access to abortion services, some of your peers have been mulling over paying for medical care travel expenses that employees and their dependents incur because the services they seek are unavailable in their…
Many of the vendors you work with may be among the more than 2,300 U.S. businesses that accept the cryptocurrency bitcoin, according to a report from Deloitte. There may be even more businesses exploring cryptocurrency right now because, unlike cash,…
Supply chain financing has become popular among businesses like yours, and the Financial Accounting Standards Board (FASB) has taken notice. A new rule approved by FASB's board on July 20 means you'll have to disclose information on any supply chain…
To prevent rising interest rates from taking a bite out of the bottom line, your peers could be considering an interest rate hedging strategy in order to keep the rates low on variable-rate business loans and stabilize cash flow. Because…
As the tax relief programs implemented by the American Rescue Plan Act continue to expire, it'll have an impact on your Form 941 reporting to IRS starting with the second quarter of 2022. IRS has released revised editions of: Form…
To prevent cash from slipping through the cracks, many Finance teams periodically run an A/P recovery audit to identify and recover erroneous payments and unidentified credits. Besides year-end financial reporting time, other optimal times to conduct an A/P recovery audit,…
Many of your peers at publicly traded companies are mulling over best practices for reporting purchases of climate-friendly credits to build their environmental, social and governance (ESG) portfolio. If the proposed Securities and Exchange Commission's (SEC) ESG disclosure requirements become…
If your company has been thinking about creating a leave donation program to help the victims of Russia's invasion of Ukraine, the IRS has just approved it. In Notice 2022-28, the IRS issued guidelines for employers wishing to adopt a…
Valuable tax credits from the IRS could be an untapped boost to your bottom line. With today's tight labor market, the Service reminded short-staffed organizations in a recent press release, about the Work Opportunity Tax Credit (WOTC). To take advantage…
The new standard for lease accounting from the Financial Accounting Standard Board (FASB), ASC 842, has been in place for about six months now, taking effect for fiscal years beginning after Dec. 15, 2021. Companies that have been dragging their…
Heads up Finance leaders! The IRS announced on its website that Form 8879-C - the E-file Signature Authorization for Form 1120, the U.S. Corporation tax form - is now "historical." What this means: "The 2021 revision is the last revision…
