NSAC Happenings and Latest News - Page 27
How to Craft Corporate Culture in a Remote World
In March 2020, companies around the world were forced to rapidly shift to remote operations in response to the Covid-19 pandemic. And while the pandemic wreaked havoc on life as we know it, one positive takeaway that looks poised to become our new normal is the corporate world’s shift to remote and hybrid work models. It’s clear — and many major corporations globally have taken note — that remote and hybrid ...
Read MoreIRS Updates Business Travel Per-diem Rates
The IRS issued its annual update of special per-diem rates for substantiating ordinary and necessary business expenses incurred while traveling away from home (Notice 2021-52). The new rates are in effect from Oct. 1, 2021, to Sept. 30, 2022. Specifically, they are the special per-diem rates, including the transportation industry meal and incidental expenses rates; the rate for the incidental-expenses-only deduction; and the rates and list of ...
Read MoreIRS Updates Per Diem Rates for Travel Expenses for 2021-2022
The Internal Revenue Service has issued the special per diem rates that take effect Oct. 1, 2021, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. Notice 2021-52 includes the special transportation industry rate, the rate for the incidental-expenses-only deduction, along with the rates and list of high-cost localities for purposes of the high-low ...
Read MoreHow Many of Your Primary Controls Are Preventive?
When I started my auditing career during the rollout of Sarbanes-Oxley, there was sustained debate within the industry as to which type of internal control was better: preventive or detective. While preventive controls are intended to prevent unauthorized or unwanted activities and variances from the established process, some argue that such events are bound to occur. Organizations should therefore focus intently on detective controls ...
Read MoreLease Accounting: Private Companies on the Clock After Delay
In early 2020, the COVID-19 pandemic added another element of business disruption for organizations to manage while the effective dates to comply for FASB's new lease accounting standards were quickly approaching. Following a pandemic-related delay, the new standard takes effect for entities within the "all other entities" category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec.
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