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…
News
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…
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…
The Biden administration is delaying finalization of a controversial Securities and Exchange Commission (SEC) rule on climate change-related disclosures until the fall. The upshot is there's little chance the regulation is finalized and goes into effect during Joe Biden's first…
For companies allowing health savings account (HSA) contributions via payroll deductions, a recent IRS announcement contains important info for 2024. The HSA contribution limits will increase significantly next year. Of course, employees who make contributions must be covered by a…
When dealing with an employee who people complain is odd or just don’t get along with, many managers will eventually let that person go. But firing a "high-maintenance" staffer may not always be the best course of action. Case in…
2022 turned out to be a better year compensation-wise for your peers in the finance realm than 2021. The Association for Finance Professionals (AFP) annual compensation report shows how companies weathering interest rate hikes, nagging inflation and supply chain woes…
