Hot Topics Article Archives - Page 53
When Is an Entertainment an Expense?
The tax rules related to meals and entertainment have changed, and left some uncertainty in the gap between the old law and the new. Before the Tax Cuts and Jobs Act, the deduction allowed for entertainment expenses was limited to 50 percent of the amount otherwise deductible. Under the TCJA, the deduction for entertainment is completely repealed. Prior to the act, a 50 percent deduction was allowed for expenses related to business meals ...
Read MoreMore Whistleblowing, But Also More Retaliation
The rate at which workers are reporting misconduct is on the rise, but so are the instances of companies retaliating against those who report. For CFOs that are trying to instill a culture of ethics at their companies, the Ethics and Compliance Initiative (ECI) has good and bad news. Unfortunately, there’s more bad news than good. The good: fewer U.S. employees say that in the last 12 months they observed misconduct ...
Read MoreJob Disruption Is Quickly Coming to Accounting, Too
Never before have the fundamental assumptions about the U.S. job market looked so precarious. Automation, artificial intelligence, and robotics, among other technologies, are changing the skills and the skill level required of employees in many industries, including retail, transportation, and manufacturing. The accounting profession is experiencing similar changes, and the pace and pressure of that change is exploding into a major ...
Read MoreArtificial IntelligenceI (AI) for Small Business: Is It Possible?
Large companies have been practicing the art of end-to-end automated accounting for some time. Software manages transactions and accounts from start to finish, and the advanced AI-fueled solutions are even handling tasks like paying an invoice automatically. Because of this, corporate accountants are doing higher-level work, helping companies be more profitable and efficient. Many wonder if this type of accounting is probable, or even possible ...
Read MorePhone Scams and Phishing Featured in 2018's Dirty Dozen Tax Scams
The IRS released its updated 2018 list of the top 12, or “Dirty Dozen,” tax scams on Tuesday. Like last year’s list, the biggest story this tax season was phishing attempts, with all types of taxpayers, businesses, and tax preparers being targeted. Another one of the Dirty Dozen that has been in the news frequently this filing season is phone scams, with taxpayers getting threatening calls from criminals, as well as other ...
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