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…
Accounting
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…
Good news: Your company can continue to rely on an electronic signature for many different tax forms through the end of the year. IRS recently extended the use of electronic and digital signatures on many tax forms until Dec. 31,…
IRS just announced it will hold fourth quarter interest rates steady for federal tax payments. According to Revenue Ruling 2021-17, your interest rates as of October 1 will be: 2% for overpayments0.5% for the portion of a corporate overpayment exceeding…
CFOs, it’s time to ensure that all your financial ducks are in a row. More IRS audits could soon be coming your way. As we mentioned earlier this year, the Service promised to boost its efforts with more auditors. Specifically,…
Many public companies have now finished their second year accounting for leases under ASC 842, and the effective date for private companies is quickly approaching. The new lease accounting rules significantly impact the way companies—both public and private—account for their…
Tell your finance team to get ready! Companies of all sizes will have to prepare for a lower e-filing threshold. IRS recently proposed regulations to change the rules for filing information returns, effective as soon as this year-end. Right now,…
