An audit can be stressful and costly, especially if problems surface. One construction and carpentry company recently found that out firsthand, when an audit revealed a fringe benefits shortfall. In Raines v. Builders Alliance Inc., under the terms of a Collective Bargaining Agreement (CBA), the Minnesota employer needed to make fringe benefit contributions to several […]
CFOs and finance teams have had to navigate numerous changes in recent years. The pandemic has shifted commerce online, accelerated remote work and put governments on a roller coaster of changing rules and legislation — all of which have had cascading impacts on the finance and accounting teams across companies of all sizes. As if […]
Your company will have to do more early legwork when filing for a research and development (R&D) credit refund from IRS. Back in October, the Taxman issued an Office of Chief Counsel Memorandum establishing stricter new rules that require you to submit a slew of documentation at the time your company files for the credit. […]
Companies large and small with lease arrangements are preparing to adapt to the new standards for lease accounting compliance. And with a December 15 deadline for attaining FASB ASC 842 compliance looming and year-end commencing after that, businesses need to ready their teams to make the internal changes required. The new guidelines will bring an estimated $3 trillion […]
Good news: Your company can continue to rely on an electronic signature for many different tax forms through the end of the year. IRS recently extended the use of electronic and digital signatures on many tax forms until Dec. 31, 2021. This extension applies to paper forms that can’t currently be e-filed. For example: Form […]
IRS just announced it will hold fourth quarter interest rates steady for federal tax payments. According to Revenue Ruling 2021-17, your interest rates as of October 1 will be: 2% for overpayments 0.5% for the portion of a corporate overpayment exceeding $10,000 3% for underpayments, and 5% for large corporate underpayments. That’s the same as […]
CFOs, it’s time to ensure that all your financial ducks in a row. More IRS audits could soon be coming your way.
Many public companies have now finished their second year accounting for leases under ASC 842, and the effective date for private companies is quickly approaching. The new lease accounting rules significantly impact the way companies—both public and private—account for their lease portfolios and have wide-reaching implications across the entire balance sheet. For the first time, […]
Tell your finance team to get ready! Companies of all sizes will have to prepare for a lower e-filing threshold.
