Attention all businesses impacted by Hurricane Laura: IRS has some temporary tax relief for you. And it lasts for the rest of 2020. Specifically, all tax filing and payment deadlines that occurred beginning Aug. 22 get pushed back to Dec.…
News
Finance is likely all too familiar with business email compromise. But now, a variation of those scams – referred to as vendor email compromise (VEC) – is growing and putting your company money at risk. So says Crane Hassold, the…
There’s new insight for your finance department on IRS’s forthcoming 1099 platform. As you know, the Taxpayer First Act calls for the development of a new online platform that will help your staff prepare, file and maintain accurate records of…
The feds have issued new guidance on COVID-19 screening for workers as you try to return employees safely to the office. And it's good news for employers. Health insurers must cover return-to-workplace testing for the duration of the pandemic, according…
Heads up! IRS recently published proposed regulations with guidance on the deduction of qualified transportation fringe expenses and commuting expenses. As you know, due to the Tax Cuts and Jobs Act, companies are no longer allowed to deduct for qualified…
Your finance team always has to keep an eye out for fraud and tax scams – especially those impersonating IRS and other trusted authorities. Fortunately, the Service recently released its annual list of “Dirty Dozen” tax scams to help educate…
Though online portals are intended to simplify invoice and payment processes, they may actually be spurring problems that impact your A/R and A/P teams. Especially during the recent pandemic, many companies used these tools to ensure that orders and payments…
The Department of Labor’s (DOL's) proposed fiduciary rule replacement has arrived. The rule replaces the Obama-era fiduciary rule vacated in 2018. Its aim: to help employees get better investment advice about their retirement plans. The new rule will likely include…
Despite all the warnings your finance staff hears about email scams, it’s all too easy for them to forget those warnings during a busy workday. They’re cutting checks, answering customer queries, opening emails ... and all of a sudden, a…
Did your company pay employees emergency sick or medical leave wages under the Families First Coronavirus Response Act (FFCRA)? You have new guidance for reporting coronavirus leave on W-2s. IRS just issued Notice 2020-54 detailing how employers must report those…
To avoid costly interest and penalties, filing unclaimed property accurately and timely is now even more important for companies. In a recent case, the New York Supreme Court essentially said companies are automatically liable for interest on any unclaimed property they have in the…
Employees often use corporate cards for travel and other business expenses, but does your finance team know the true cost of this payment method? For many companies, there’s a bit of uncertainty surrounding corporate cards, according to a survey from…
