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Opinions and views from expert CFOZone members.

Tag >> In compliance
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 crime, US 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's, loss disclosure, In 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 Club, loands, In 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 businessloans, line of credit, In 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. 

Jul 02

Is a small-business amendment to the financial reform bill helpful or hurtful?

Posted by annearf in small businessIn compliancefinancial reform billConsumer Financial Protection Bureau


The financial reform bill contains a small-business related amendment  that hasn't received a lot of attention. And it's either very small-business friendly or very unfriendly, depending on whom you listen to.

Sponsored by Senator Olympia Snowe of Maine, the ranking Republican on the Small Business Committee, it directs the new Consumer Financial Protection Bureau to take into account how proposed regulations would affect the cost of credit to small companies. It also mandates that the bureau be covered by the Small Business Regulatory Enforcement Fairness Act of 1996.

Jun 30

Why the spirit of SarbOx will survive continued attack

Posted by dbedell in SarbOxSarbanes-OxleyRiskPCAOBinternal controlsinternal auditIn compliancecontrol


With the Supreme Court ruling to uphold most of SarbOx, and compliance costs decreasing, policymakers and their opponents continue to fight over the relative value of the legislation that first came into effect in 2002. But it may be a non-issue. Even as opponents of SarbOx continued to push for it to be overturned in the run-up to the Supreme Court ruling, it had already become an expected and integral part of the corporate internal audit process.

One lawyer who spoke with CFOZone before the ruling was announced noted that no client has asked him how they could backtrack on controls and other compliance requirements if SarbOx was overturned. Investors now expect that companies will be SarbOx compliant, and in the current environment of compliance conservatism, even if companies could reduce their internal audit requirements under SarbOx, few if any would.

Jun 25

Will cutting capital-gains taxes on small-business investments help?

Posted by annearf in small businessIn compliancecommunity bankscapital gains


 The House recently passed a bill aimed at encouraging investment in small businesses. It's a companion to other, more highly publicized legislation making $30 billion available to community banks to boost small-business lending.

It's probably a good idea. Or maybe not. You can argue the case either way.

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