Heads up: Inflation and bank failures are spurring more companies to put their cash where's it safer and can grow. The Association for Financial Professionals (AFP) reports that companies' cash and short-term allocations toward bank deposits dropped in recent weeks…
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Companies' ability to restrict an exiting employee's job opportunities is in danger. A federal rule is already in the works to eliminate noncompete clauses in workers' contracts. And there's pressure growing from states to end the practice. Case in point:…
Finally, you've completed the acquisition. As you move forward, don't forget about this potential vulnerability: employees' personally identifiable information. Otherwise, you may run into legal trouble. Here's what happened to one employer: After the acquisition After it acquired a company,…
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…
More and more businesses are relying on email over phone calls to collect from past-due accounts. Email is faster and more direct than trying to connect with a late payer on the phone. Of course, people can ignore a collections…
IRS told one employer that payments made to employees under its fixed-indemnity health insurance policy were subject to federal income, FICA and FUTA taxes. The policy was optional, with comprehensive health coverage provided through its group health insurance policy. Both…
To buy or not to buy commercial space ... it's a question companies and CFOs wrestle with all the time. We predict savvy companies (and investors) will be keyed in on available real estate in the coming weeks and months.…
The hottest "conversational AI tool" - OpenAI's ChatGPT - is spurring CFOs to learn more about the burgeoning technology and determine whether to utilize it. For example, GenCFO polled LinkedIn members on whether ChatGPT has a place in accounting and…
While we're no longer dealing with the quarter-by-quarter changes to Form 941 that occurred during the pandemic, there are some recent updates employers should know. The latest revision date for the 941 as well as its instructions is March 2023.…
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…
Companies with funds tied up in the recent bank collapses had to scramble to pay their employees on time. No one wants to go through that again. That includes the Federal Deposit Insurance Corporation (FDIC). Large concentrations of uninsured deposits…
The Supreme Court will be putting an end to the 39-year-old Chevron deference that's been afforded to federal rulemaking agencies. The upshot? Agencies will have a much more difficult time enacting rules that impose substantial costs on an industry sector…
