Blog Archives: 2015

A New Tax Regulation that Accelerates Expenses? Yes, Please!

My husband and I just opened our first restaurant, and we were very excited to hear the IRS came out with a new tax regulation that would actually benefit us.  The new rule allows private companies to increase the de minimis safe harbor threshold from $500 to $2,500 for companies without audited financial statements.

In other words, companies can expense items that do not exceed $2,500 per invoice (or per item as substantiated by the invoice).

As you can imagine (and many of you can relate) there are numerous purchases required to start a new small business.  The happy result for us is that we can now expense tables,

 » Read more

Preparing for the Tacoma Paid Leave Ordinance

Do you have employees who work within the City of Tacoma? Effective February 1, 2016, Tacoma’s Paid Leave Ordinance becomes effective for all employees who work over 80 hours in a calendar year within the Tacoma city limits.

Employers under this ordinance will be required to provide 1 hour of paid leave for every 40 hours worked by an employee in the City of Tacoma. Employees can begin using their accrued paid leave 180 days after their hire date. Under the Paid Leave Ordinance, employees can use paid leave for their needs or the care of a family member for medical reasons,

 » Read more

Is Your Business Ready to Take on More Credit Card Fraud Liability?

There is a big change related to credit card fraud liability that went into effect on October 1, 2015, but it is still unclear to many how the risk of loss is shifting and what the impact will be to their businesses.

Before you spend money and time adding the capabilities to accept the credit card chip, there are some questions to ponder:

  • Do you know how many charge-backs you are currently getting for counterfeit, lost or stolen cards?
  • What is the liability that your business is now going to be exposed to?
  • Is the investment worth the reward?

 » Read more

Calling all Microsoft Vendors – What You Need to Know About PII Compliance

Nearly a decade ago, Microsoft introduced a vendor compliance program – the Supplier Security and Privacy Assurance Program (SSPA) – to keep tabs on vendors that handle “personally identifiable information” of their employees or customers. PII, as it is known, would represent credit card numbers, social security numbers, and the like. In the age of cyber security attacks, it is comforting to know programs like this exist.

The compliance effort required by qualifying vendors is to establish internal controls for how this information is collected, used, retained, transmitted, destroyed, or disclosed, and to make sure those controls are functioning properly. Microsoft essentially established a bar for what they consider to be reasonable protection standards (the program’s foundation is based on Generally Accepted Privacy Principles promulgated by the AICPA and the Canadian Institute of Chartered Accountants).

 » Read more

Accounting Update: Simplifying the Measurement of Inventory

Recently, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2015-11 on simplifying the measurement of inventory. The purpose of the update was to:

  • Reduce cost and complexity
  • Provide users of financial statements more comparable information
  • Increase convergence to IFRS.

What’s changed, and what hasn’t

The primary provision of the amendment is to change the subsequent measurement guidance from the lower of cost or market, to lower of cost and net realizable value (NRV). This change eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (NRV) or below the floor (NRV less a normal profit margin).

 » Read more

Media Contact

Melissa Takade
Director of Marketing
Clark Nuber
Phone: 425-454-4919
Contact Melissa

Blog Archives

  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013