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Execs should mind existing laws as new standards are introduced

As new accounting standards emerge, companies should be vigilant about maintai

Every organization needs to stay apprised of changing accounting standards, but some existing laws may be getting overlooked, according to a recent

Every organization needs to stay apprised of changing accounting standards, but some existing laws may be getting overlooked, according to a recent analysis at TV News Check.

With some provisions of the Dodd-Frank Act set to take effect this year, regulators will be tightening their enforcement of a number of existing laws, as well. Accounting managers need to stay sharp. One area that's likely to see stricter enforcement concerns out-of-state workers and the way their income taxes are divided.

"For example, New York and several other states use a 14-day trigger for requiring employees who are temporarily residing in their state to pay personal income tax on the portion of their salaries earned during the period they were both residing and working for their employer while in that particular state," wrote Mary Collins for TV News Check. "While employees are required to pay any personal income tax that is owed to a particular state, employers can be fined for not withholding taxes and reporting the income."

Not only can a company's finances take a hit, its reputation could suffer, as well, Collins suggested. A recent survey from the Risk and Insurance Management Society and insurance brokerage Marsh indicated that most C-suite execs don't place a premium on brand reputation, according to CFO magazine. While it's difficult to place a dollar value on reputation, it may be more cost-effective to prevent issues than it is to repair a damaged brand.