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
If a poll of attendees of a recent IOFM webinar is any indication, it’s going to be a very busy Form 1099 reporting season in 2024 fo...
A lot more contractors and businesses like yours that receive payments via CashApp, PayPal or Venmo have been bracing for getting a 2022 Fo...
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 ...
The pressure on Accounts Payable managers is relentless. You’re expected to be the flawless gatekeeper — process invoice volume...
After the flood of new e-commerce sales tax rules in the five years since the South Dakota v. Wayfair Supreme Court decision, this may be t...
In case your finance team had been in cruise control heading into year-end because IRS’s quarterly interest rates hadn’t change...
