NSAC Happenings and Latest News - Page 54
IRS Issues 2020??
Business travelers who incur expenses while traveling away from home have new per-diem rates to use in substantiating certain of those expenses (Notice 2020-71). The new rates are in effect from Oct. 1, 2020, to Sept. 30, 2021. On Friday, the IRS provided the 2020–2021 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 ...
Read More7 Strategies for Better Group Decision-Making
When you have a tough business problem to solve, you likely bring it to a group. After all, more minds are better than one, right? Not necessarily. Larger pools of knowledge are by no means a guarantee of better outcomes. Because of an over-reliance on hierarchy, an instinct to prevent dissent, and a desire to preserve harmony, many groups fall into groupthink. Misconceived expert opinions can quickly distort a group decision.
Read More10 Cybersecurity Practices That Create the Best Remote Environment
As firms work remotely and cloud applications and security become more important than ever, accountants should be thinking about cybersecurity in new ways. As they say, the best defense is a good offense. But what may have worked in the past to protect you from hackers and other security threats is likely no longer sufficient as methods of attack become increasingly more sophisticated. There are, however, many cybersecurity strategies and ...
Read MoreTop 10 Ways Companies Cook the Books
With the recent economic slowdown, companies are under increased pressure to show stability, or even growth, and paint a rosy picture for investors. That pressure will undoubtedly cause some companies to engage in accounting fraud to distort their financial results, thereby misleading investors. As with most accounting scandals, companies are usually unable to sustain the deception, and the house of cards eventually collapses. The following are ...
Read More3 Steps to Building Strong Risk Management
The coronavirus pandemic has already resulted in a significant business downturn around the globe. Even though during this wide-scale crisis with its catastrophic consequences some winners have emerged, over all, the pandemic has had an extremely negative economic impact. What lessons can be learned from this type of event for the future? And how should management accountants prepare for it in terms of risk management systems, to mitigate ...
Read More