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Learn MoreBeware: Some less-than-honest folks have started faking a COVID-19 diagnosis … with costly consequences for their employers. For example, a manufacturing facility recently lost $175,000 in productivity after shutting down when an employee lied about testing positive for the coronavirus.…
Heads up, CFOs. IRS has officially unveiled the new Form 1099-NEC, which your finance staff will use to report nonemployee compensation. In the recently released Tax Tip 2020-80, the Service explained that the reinstated 1099-NEC will be used in tax…
Your company's payroll process looks different this year thanks to the coronavirus, so naturally so does Payroll's key tax form: the 941. IRS has released a draft of the revised Form 941 because of new coronavirus-related employment tax credits and…
Let your Payroll and A/P teams know that there’s new guidance from IRS on handling qualified transportation fringe benefits. An advice memorandum from the Office of Chief Counsel looked closely at a company that decided to reimburse an employee in…
IRS and the Treasury Department have launched a payroll tax credit to put more money in your pocket as a reward for hanging on to your employees: the Employee Retention Credit. Specifically, you get 50% of up to $10,000 in…
The aftershocks from the new W-4 and updated withholding tables just keep on coming! IRS and the Treasury Department just released proposed regulations to reflect the changes to come out of the Tax Cuts and Jobs Act. And they should…
Calculating the value of company cars employees drive for their personal use just got a little easier now that IRS has released final regs. And they took effect Feb. 5, 2020. The final regs provide the details you and your…
The high stakes and long hours around year-end can take a toll and cause burnout for even the most hardworking, persevering finance department. For weeks, A/P is busy verifying vendor information and finalizing 1099s. Payroll is double-checking IRS instructions and…
Of all the strict IRS requirements your finance team strives to meet at year-end, accurate 1099s and W-2s hit the top of the list. The good news is, Finance has really stepped up its game on that front. In fact,…
Your company will soon be able to take a new step to protect employees’ sensitive info at year-end - IRS just issued a final rule that lets employers voluntarily truncate employee Social Security numbers (SSNs) on W-2s. This isn’t the…
It’s been a long time coming, but the time has come for your company to begin reporting more detailed employee pay data to the feds. (more…)
Prepare your finance staffers now: Year-end may soon look different than it has in the past, thanks to the just-signed Taxpayer First Act. (more…)
Resourceful Finance Pro, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day's headlines, Resourceful Finance Pro delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.
