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…
Accounting
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…
Fringe benefits can be tricky when tax time comes around. Keeping complete records helps you avoid legal hassles. Here's a recent case where an employer's excellent recordkeeping and reporting kept it out of trouble with the Service. After United Airlines…
You and your team are numbers people, so it’s pretty obvious when the amount of a payment doesn’t match what you’ve billed. Enter the payment variance. Some can be resolved in a few seconds (when it’s a simple math mistake);…
Your company may benefit from the temporary 100% business deduction for food or beverages from restaurants, and A/P and Payroll hold key information that can help. By way of reminder, the Taxpayer Certainty and Disaster Relief Act of 2020 bumped…
An audit can be stressful and costly, especially if problems surface. One construction and carpentry company recently found that out firsthand, when an audit revealed a fringe benefits shortfall. In Raines v. Builders Alliance Inc., under the terms of a…
CFOs and finance teams have had to navigate numerous changes in recent years. The pandemic has shifted commerce online, accelerated remote work and put governments on a roller coaster of changing rules and legislation — all of which have had…
Your company will have to do more early legwork when filing for a research and development (R&D) credit refund from IRS. Back in October, the Taxman issued an Office of Chief Counsel Memorandum establishing stricter new rules that require you…
Companies large and small with lease arrangements are preparing to adapt to the new standards for lease accounting compliance. And with a December 15 deadline for attaining FASB ASC 842 compliance looming and year-end commencing after that, businesses need to ready their teams…
