The pandemic has caused state and local governments to face unexpected expenses and new spending categories, with 68% of decision makers citing this as a major challenge. CARES Act funding comes with compliance requirements; automating expense and invoice management provides real-time visibility, ensures compliance, and adapts to change.
SAP Concur published a blog post introducing lesser-known tax benefits in the CARES Act that can help small businesses reduce their federal income tax. These benefits include: net operating losses (NOLs) can be carried back up to five years to claim refunds; the depreciable life for Qualified Improvement Property is reduced from 39 to 15 years, with bonus depreciation available; the R&D tax credit; and Section 139 relief, which allows employers to make tax-free payments to employees for COVID-related assistance.
The pandemic has brought new spending categories and compliance challenges to higher education. 42% of finance and admin leaders struggle with new spending categories, and 41% are unsure how to manage unexpected expenses. CARES Act funding comes with compliance requirements; automated expense and invoice management provides real-time visibility and ensures compliance.