How will new IRS Repair Regs affect A/P?
The Service’s new “Repair Regs” — which are in effect this tax year — require Accounts Payable pros to amass even more info on company purchases. Here’s how your peers feel the regs will affect their operations.
The bad news is many departments feel the new regs will be a significant burden.
When asked, “How difficult will IRS’ new repair regs be to comply with for your company?” more than a quarter (27%) of A/P pros responded “Very Difficult.”
That’s according to a recent KPMG study.
Here’s a breakdown of the other responses:
- No change (42%)
- Still unsure (22%), and
- Not difficult (9%).
The good news is firms can greatly reduce the hassle with just a little extra planning. One way: Talk to Facilities to see what’s on the way — so you can determine any vendor invoices you’ll need to watch out for.
Readers, how do you think the new IRS Repair Regs will impact your A/P department and its procedures? Let us know in the Comments section.
- Share on
Free Training & Resources
Further Reading
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup w...
If your revenue involves digital goods and services, you’ve noticed more states are expecting you to collect and remit sales tax on t...
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 ...
About 90% of U.S. companies were targeted by cyber‑fraud last year – almost a 25% increase from the previous year. The rise doesn&#...
With remote work here to stay, A/P has to work harder to verify crucial information, such as vendor bank account numbers. Unfortunately,...
The pressure on Accounts Payable managers is relentless. You’re expected to be the flawless gatekeeper — process invoice volume...
