Sales and use tax shouldn’t just be the responsibility of your A/P and A/R departments. Although they’re the ones who are experts in sales and use tax liability, your sales and purchasing teams can support Finance by double-checking that the following terms are spelled out in all your contracts: Freight On Board (FOB), which determines […]
The rare midyear change to the IRS standard mileage rate in 2022 didn’t stop all the standard mileage rates used to calculate the deductible costs of operating a vehicle from going up for 2023. So it’ll cost your company a little more to reimburse employees’ vehicle travel this year. The Service announced that as of […]
A lot more contractors and businesses like yours that receive payments via CashApp, PayPal or Venmo have been bracing for getting a 2022 Form 1099-K for income received from business transactions over third-party payment networks. That’s because the Form 1099-K reporting threshold requirement for third-party settlement organizations was lowered from $20,000 in aggregate payments from […]
Reminder: If you’re like many businesses that took IRS up on the pandemic-related relief offer in 2020 to put off paying Social Security taxes, the last payment installment is due by December 31st. If you’re experiencing deja vu, there’s a reason. December 31, 2021 was the deadline for the first half of the deferred amount. […]
Your A/P staffers have seen their share of outrageous business expense reimbursement requests from employees. But how do they compare to the “Craziest Expenses” for 2022 compiled by global expense management company Emburse? See if you can guess which business expenses were green-lighted and which were declined, then share this list with your team for […]
The economy will continue to fluctuate next year, and that’ll be driven by interest rates, according to a webinar on 2023 Finance trends from Controllers Council. Many of your peers agree that it’ll be a roller coaster ride because they’re not sure what’s going to happen next: 21% of the webinar’s attendees named braving economic […]
Since remote and hybrid work became normal for many companies, some workers are complaining that their employers should pay for work-from-home expenses, such as internet and electricity costs, printers and office supplies. A few employees are even suing their employers to recover what they’re spending on work-from-home expenses. Bank of America, Liberty Mutual Insurance, Oracle, […]
Since about 80% of all your company’s transactions go through A/P, if a totally paperless A/P department is one of your goals for 2023, robust controls to prevent waste and misuse of company funds will be essential. That’s because according to the U.S. Department of Commerce: 5% of all companies’ annual revenue is lost to […]
Rising interest rates across the board have been a fact of life lately. Therefore, it should be no surprise that the Service announced more interest rate bumps for Q1 2023 in Rev. Ruling 2022-23. Effective January 1, 2023, the new interest rates will be: 6% for corporate overpayments of tax 4.5% for the portion of […]
