How confident are you that your finance staff is accurately and timely filing Forms 1042-S? IRS has its eye on those information returns.
For most, this new year represents a clean slate, a time to reflect and refocus. For CFOs, it also brings the 2021 standard mileage rate.
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.
After months of hype and talk about the new 1099-NEC, it’s almost time for your A/P team to file these forms.
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 rates apply to your company’s federal tax payments from January through March. As a reminder, […]
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 deductions when it comes to PPP loans. The new guidance should put them to rest. […]
How far can states go when requesting and assessing your company’s finance records in an unclaimed property audit?
It’s about time! There’s finally more clarity to help your company correctly deduct certain business expenses on your tax returns.
Here’s new insight for your finance department on how to compliantly reimburse delivery drivers for their mileage expenses.