The Biden administration has just extended this student loan relief through at least Sept. 30, 2021. Make sure Payroll hasn’t been garnishing employee wages to repay federal student loans in the first month of the new year. There’s been another…
News
Good news: IRS has offered guidance on what employees can do regarding fringe benefits that weren’t used due to the coronavirus pandemic. In short, the world shut down last year. Office commutes ceased, business travel plans were canceled, and in-person…
A new final rule from the Department of Labor (DOL) makes it clear how employers should handle their workers’ tips. The rule, which amends the Fair Labor Standards Act, specifically makes two things clear: Employers aren’t allowed to keep these…
How confident are you that your finance staff is accurately and timely filing Forms 1042-S? IRS has its eye on those information returns. Recently, the Treasury Inspector General for Tax Administration (TIGTA) released a performance audit, looking at the Service’s…
A big part of year-end prep includes getting ready for the next year, which means figuring out where legal and banking holidays fall in 2021. As you know, it’s critical for your finance team to start preparing for the new year’s…
Let your finance team members know: They won't have any new interest rates to contend with as we start the new year. IRS will hold the 2021 first quarter interest rates steady. That's according to IRS Revenue Ruling 2020-28. The…
Stay sharp, finance pros. IRS just published guidance on security awareness, warning you to watch out for scams in late 2020 and early 2021. Right now, criminals are taking advantage of every situation they can to carry out scams –…
If your company “reasonably” expects to receive forgiveness for your Paycheck Protection Program (PPP) loan in that taxable year, you cannot deduct your PPP expenses. So says just-released IRS Revenue Ruling 2020-27. Companies have long had questions about timing of…
The bag checks many companies require to prevent costly losses may actually cost you more in payroll, as the time spent doing them is probably compensable. Nowadays, more courts are saying that that time spent on the bag checks employees…
As the pandemic rages on and year-end creeps closer, employee burnout is rearing its ugly head at companies everywhere. About a third (34%) of workers feel more burned out from work now than they did this time last year, found…
One of the biggest benefits of automation is it can streamline some of your finance staff’s most time-consuming, manual tasks. As a result, your team can devote more of their workday to strategic work, and your company can reap new…
How far can states go when requesting and assessing your company's finance records in an unclaimed property audit? A recent court case, State of Delaware, Department of Finance v. AT&T Inc., helped to set the record straight. As you know,…
