NSAC Happenings and Latest News - Page 105
Employers Face New W-2 Deadline; Some Refunds Delayed
Employers and small businesses have a new January filing deadline for W-2s, the Internal Revenue Service warned, adding that it must also hold some refunds until Feb. 15. A new federal law accelerates the W-2 filing deadline for employers to Jan. 31. The new law also requires the IRS to hold refunds involving two key refundable tax credits until at least Feb. 15. Last December’s PATH Act enacted the new requirement that employers file ...
Read MoreBest Practices: 10 Year-End Tax-Planning Tips for Individuals
Grant Thornton has released a collection of Year-End Tax Guides for 2016. Here are 10 of the most important 2016 tax-planning considerations for individuals. 1. Accelerate Deductions and Defer Income It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income. On the deduction side, you ...
Read More5 steps to strengthen internal controls at small businesses and not-for-profits
Internal controls may lag at smaller organizations as managers sacrifice them for the sake of service delivery, particularly at cost-conscious not-for-profits and start-up organizations. Yet the risks are too great to ignore. Consider that the Association of Certified Fraud Examiners (ACFE) in its Report to the Nations on Occupational Fraud and Abuse: 2016 Global Fraud Study found that businesses with fewer than 100 employees are more ...
Read MoreFraud risk management guidance updated by COSO
Managing the risk of fraud is a challenge for organizations of all sizes. A typical organization loses 5% of revenues in a given year as a result of fraud, according to the 2016 global fraud survey results contained in the Report to the Nations on Occupational Fraud and Abuse. But governing boards, senior management, staff at all levels, and internal auditors can deter fraud in their organizations by following guidance contained in a newly ...
Read More3 Trends Driving Changes in Accounting
The accounting sector has arguably been slow to adopt new technology, eschewing new, and often unproven, technology for older, tried and true tools. However, in the immortal words of Bob Dylan, “the times they are a-changin’”. With the changes to the audit threshold among other things, accounting firms are finding themselves reassessing and looking to expand their client services in order to continue growing their businesses.
Read More