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Tag >> In compliance
Apr 13

Will the SEC update the rules to accommodate crowd-funding?

Posted by annearf in secIn compliancecrowd-funding


Looks like the Securities and Exchange Commission is trying to enter the Internet age.

Specifically SEC Chairman Mary Shapiro recently signaled that she wants to evaluate  the rules for raising money through crowd-funding, making it a more viable source for investment in small business.

Jan 28

Procurement gets easier with reporting change

Posted by dbedell in In compliance


Procurement cards could become a more valuable tool in the corporate toolbox thanks to surprise changes under IRS Form 1099 MISC instructions for 2011.

The value of procurement card programs have long been a matter of debate. They are often only accepted for smaller purchases and may not be accepted at all, thanks to the heavy fees faced by card network users. In addition, the reporting requirements associated with P-Cards could be quite onerous.

Dec 31

Corporate liquidity will tighten with new banking regs

Posted by dbedell in In complianceCash


Further consolidation in the mid-tier banking markets is inevitable, particularly as new regulatory requirements under Basel III, published recently by the Basel Committee on Banking Supervision-forces more small players out of the payments services business. This will have far-reaching effects on US banking and will likely mean less liquidity available for corporates in the US.

The new rules are likely to increase the cost to institutions of providing low-value, high-volume payments--the bread and butter of the payments business-and are yet another issue that will force further consolidation in the mid-tier-and-smaller banking market in the US.

Dec 28

Use existing software to ease 1099 reporting burden

Posted by dbedell in TechnologyRisk and ComplianceIn complianceAccounting


As companies come to terms with new 1099 reporting requirements, software firms are starting to build new solutions-or update their existing ones--to help make finance executives' lives a little easier.

The new 1099 reporting requirement that all vendors who supply more than $600 worth of goods or services within the tax year be sent a form 1099, which takes effect in 2012, could cause untold headaches for small, medium, and even large companies, given the vastly-increased reporting burden that it is likely to create.

Dec 27

Cook the books or hit the curb?

Posted by dbedell in RiskIn complianceCareers/Managementaccounting fraudAccounting


CFOs who cook the books are often bullied into it by overbearing CEOs that are looking out for their own equity stakes, according to a new piece of research by a group of global academics.

The research looked at why and when CFOs become involved in material accounting manipulations, and what factors increased the likelihood that CFOs would knowingly become involved in accounting fraud.

Oct 06

The new Spitzer?

Posted by dbedell in white collar crimeUS AttorneyRisk and CompliancePreet BhararaIn compliancefraudCivil Frauds Unit


Richard Zabel, chief of the criminal division, US Attorney’s Office, Southern District of New York, made some big announcements Monday at the Practicing Law Institute’s all-day seminar on white collar crime, according to a piece on

The office is pouring more resources into white collar crime investigation and prosecution, according to Zabel. Those resources will be used to dramatically increase the number of prosecutors—to 25—and change divisional foci to look at specific aspects of white collar crimes—such as accounting fraud, complex instruments, insider trading, and Ponzi schemes.

Sep 20

Companies baulk at proposed accounting changes

Posted by dbedell in RiskMcDonald'sloss disclosureIn complianceHPGoogleGeneral ElectricFordFASBclass action lawsuitsAccounting


Companies across the US are signalling that they are not happy with proposed new accounting rules that would require them to disclose potential losses from pending class action lawsuits, and increase disclosure on potential liabilities from products and operations.

As many as 140 big name corporates—including Ford Motor, GE, McDonald’s, Google and HP—signed a response to the proposed accounting changes, saying that they oppose the scheme, according to a report in Monday’s FT.

Jul 16

Will the IRS curtail a new reporting requirement?

Posted by annearf in tax reportingsmall businessNational Taxpayer AdvocateIRSIn compliance


Slipped into the health care reform bill passed in March was a new tax reporting regulation likely to create a huge burden for businesses, something we wrote about recently.  Now a government watchdog, the National Taxpayer Advocate, is questioning the rule's potential unintended consequences for small companies.

Plus, it looks like the regulation won't raise a heck of a lot of money anyway.

Jul 14

Can Sam's Club revive small-business lending?

Posted by annearf in small businessSam's ClubloandsIn compliance


Sam's Club to the rescue?

Wal-Mart's Sam's Cub recently announced that it's launching a pilot program to offer discounted loans to its small business customers.  It may be a particularly fortuitous announcement, in light of news that  SBA-backed lending plummeted in June, thanks to the expiration of stimulus provisions raising the guarantee level on certain loans.

Jul 07

Once again, a big bank puts on a small-business friendly face

Posted by annearf in small businessloansline of creditIn complianceChase


In the latest move by a big bank to make itself into a friend to small business, Chase recently announced a program to offer incentives to small companies for hiring.  But the actual benefit to most small businesses is hard to see.

Specifically, the bank will lower its interest rate on new lines of credit by .5 percentage points for each new hire, up to three employees, for the life of the loan. The offer is available to business owners who are approved for a line of credit of up to $250,000 or existing business customers who increase their line of credit by at least $10,000.  And if you open a business checking account, you get an additional half percent discount on your loan rate. 

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