Hot Topics Article Archives - Page 80
Preparing Businesses for the New Overtime Pay Rule
In 2015, the Department of Labor proposed a rule that could have a significant impact on the way employers compensate their employees. This rule proposes changes that would expand the number of workers who are eligible for overtime pay: time and one-half their regular rate of pay for hours worked over 40 in a workweek. Most businesses will be required to comply with the changes once a final rule is released. Here are five workflow ...
Read MoreAnti-fraud controls cut significantly into losses, new report finds
The presence of anti-fraud controls such as management reviews and telephone hotlines can greatly reduce the damage done by fraud schemes. And the use of such controls is slowly on the rise. Those are two of the trends identified in the 2016 Report to the Nations on Occupational Fraud and Abuse, released Wednesday by the Association of Certified Fraud Examiners. The biennial report, which is based on thousands of fraud cases reported ...
Read MoreIRS issues 2016 and revised 2015 vehicle depreciation limits
The IRS issued guidance providing revised limits for the amount of depreciation taxpayers can take for the first year they use a passenger automobile (including a truck or van) for business in 2015 and the new depreciation limits for 2015. The guidance also includes the lease inclusion amounts that vehicle lessees must include in income for 2016 (Rev. Proc. 2016-23). The revisions apply to passenger vehicles that were placed in service ...
Read MoreNew credit impairment standard, hedge accounting proposal on the way
The FASB hopes to issue a new credit impairment standard in the second quarter of 2016 that would require entities to estimate and recognize an allowance for lifetime expected credit losses for loans, trade receivables, held-to-maturity debt securities and certain other financial assets measured at amortized cost. Estimating an allowance for lifetime expected losses would likely require changes in the processes, systems and controls entities use ...
Read MoreNew Leasing Standard Could Benefit Companies
The Financial Accounting Standards Board’s new lease accounting standard could have some positive payoffs for companies if they take a careful approach to implementing it. FASB released the long-awaited standard after a decade of work with the International Accounting Standards Board as one of their major convergence projects. The standard will add operating leases to the balance sheet for the first time for many companies, and ...
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