In case your finance team had been in cruise control heading into year-end because IRS's quarterly interest rates hadn't changed since the beginning of 2023 - surprise! There are new rates as of October 1, 2023. IRS Rev. Ruling 2023-17…
Accounts Payable
CFOs are desperate for more clarity, faster reconciliation and fewer errors in their payments and receivables. Automation solutions and artificial intelligence tools top finance chiefs' list of strategic solutions. The third annual State of Payment Operations report (conducted for Modern…
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup withholding or fielding calls from unhappy vendors about the reduced payments. It should come as no surprise…
"It's not right, but it is a reality. ... You don't get a lot of budget attached to (vendor setup and maintenance training and tools in A/P)," said consultant, speaker and trainer Debra Richardson, APM, APPM, CPRS. Richardson is a…
Unclaimed property reporting can easily trip businesses up, landing them in the audit crosshairs of state governments and possibly leading to penalties and interest. In addition to all 50 states, Washington D.C., Puerto Rico, Guam and the U.S. Virgin Islands…
To keep your ACH payments flowing smoothly, Nacha advises businesses to update financial institution routing number validation tables at least monthly. That may mean more work for your A/P team, but it ultimately means less stress for them because they…
Failed B2B payments can be disruptive in areas beyond cash flow. For instance, if your bank has to repeatedly put in extra work to process ACH payments, there’s a chance they could stop making the necessary changes to pay files…
IRS is extending tax relief to businesses in Broward County, FL affected by the tornadoes, severe storms and flooding from April 12-14. Federal tax filings and tax payments originally due starting April 12, 2023, have been postponed until August 15,…
If your revenue involves digital goods and services, you've noticed more states are expecting you to collect and remit sales tax on them. But sometimes the legal language regarding what's taxable or nontaxable becomes a gray area and a judge…
With all the work your A/P department puts into issuing timely payments, it can be frustrating to find out there's unclaimed property floating around out there. Unclaimed property laws vary widely from state to state, and can be very confusing.…
Although consumers have fully embraced digital payments - peer-to-peer mobile apps, electronic bill-pay services and getting paid via direct deposit, to name a few - many companies are slow to adopt modern electronic payment technologies. In fact, last year a…
Imagine getting a Notice of Final Determination from a state revenue department that said it wasn't going to recognize a use tax exemption that your organization was claiming, and that you owed $74,000 more than what you thought you were…
