Publicly traded companies that offer stock options may want to touch base with their tax accountants. That’s because the IRS is launching an enforcement crackdown on employee stock ownership plans (ESOPs). The goal is simple: Make an example out of tax cheats and boost compliance by the majority that wants to comply with the law […]
“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 former controller and finance director, and the founder of Debra R Richardson LLC, which offers […]
Because your A/P staff is so good at keeping important bills paid, it unfortunately makes them a prime target for payment fraud email campaigns. Official-looking notices can arrive in their inboxes warning that you’re about to lose customers because your company domain name or trademark is expiring. The email goes on to offer help, with […]
Compared to the rest of the world, the U.S. has lagged behind in rapid B2B payments technology, but that’s about to change. The Federal Reserve’s FedNow service is coming soon! The Fed says its more modernized payment infrastructure will launch in July (a specific date has not been announced), operating alongside the Clearing House’s Real […]
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 won’t have to handle as many investigations into vendor ACH payments that don’t go through. […]
Check fraud is on the rise again. The U.S. Postal Service just alerted financial institutions that check fraud DOUBLED from 2021 to 2022. Individuals are most at risk for seeing their bank accounts ransacked and identities compromised, but the thieves are putting businesses that rely on the mail to make payments and get paid at […]
If you’re lucky, the only kind of employee theft you’ll have to worry about at your company is parents swiping office supplies for their kids to save a few bucks of their own. Or maybe a cheapskate employee who helps himself to someone else’s lunch from the breakroom fridge. Imagine your staffers plotting to sell […]
Heads up: Companies can avoid criminal prosecution and million-dollar payouts for serious violations and mistakes by taking advantage of the Justice Department’s self-reporting policy. Justice recently revised the parameters for self-reporting so that it’s applied evenly in all districts. All of the conditions are crystal-clear, which is great news for execs and company lawyers that […]
The IRS is sounding the alarm about the top 12 – aka the “dirty dozen” – tax scams that are tripping up businesses, tax professionals and individual taxpayers this spring. The dirty dozen changes every year as cybercriminals come up with new ways to acquire businesses’ and individuals’ data, be it their Social Security numbers, […]
