Economic unpredictability may be giving senior leadership and shareholders second thoughts about your 2023 budget priorities. Here's what some experts are saying about the approaches your peers may be taking with their 2023 budgets, which can give you some budgeting…
Accounting
National Preparedness Month is every September, and IRS is reminding employers to boost their disaster preparedness and ensure their important Finance records are protected. Between hurricanes, wildfires and other severe weather conditions, it’s key for companies to regularly review and…
The state of small businesses can give companies of all sizes insight into how to weather the economy right now, particularly the challenges caused by inflation. Specifically, cash flow is a significant concern for small businesses. Nearly 40% would have…
IRS just announced widespread penalty relief for many business and individual taxpayers who may have filed certain returns during the COVID-19 pandemic. Much of the penalty relief was extended due to an unprecedented backlog IRS experienced while attempting to process…
IRS has announced that interest rates will rise for the fourth quarter of 2022 – a decision that should come as no surprise based on the current state of the economy. Per the agency, the rates will increase for both…
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…
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,…
