Article Archives: 2017

Unfortunately, the weather has not been kind to U.S. residents in the last few weeks. Recent natural disasters have many charities looking for ways to assist in the affected areas.

At the date of this publication, the U.S. has declared Hurricanes Harvey, Irma, and Maria as qualified disasters. For organizations for which disaster relief is one of the exempt purposes recognized by the IRS, this is merely a continuation of the organization’s programs.

However, what if disaster relief is not the organization’s recognized exempt purpose? Good news! Such organizations can still help victims directly, without permission from the IRS. However,

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Posted by: Bob Heller

Taxpayers who do business both inside and outside of the State of Washington, and who earn revenue from performing services or licensing intangibles, are now required to complete an Annual B&O Tax “Reconciliation of Apportionable Income.”

The form must be submitted to the Department of Revenue by October 31st of each year. Failing to file the reconciliation may result in penalties.

The Department of Revenue allows businesses to use the prior year’s apportionment factor for reporting current year liabilities. This simplifies the business’ reporting method, but requires the business perform a true up at the end of the year. The true up helps determine the current year’s factor,

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Posted by: Joe Haberzetle

Come 2018, many not-for-profit organizations with unrelated business income (UBI) could either be smiling or groaning over the shift in their Oregon tax bills.

Oregon recently followed the direction of many other states in attempting to collect more tax revenue from out-of-state businesses. The shift will come into effect through changes in how sales of services and intangibles are sourced to the state. The changes to Oregon’s apportionment rules are effective on January 1, 2018.

​Not-for-profits with employees in Oregon may see a significant decrease in their tax bill if they provide taxable services to customers located outside of Oregon.

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Posted by: Troy Rector

As one of its final deliverables, the Council on Financial Assistance Reform (COFAR) issued updates to the Uniform Guidance Frequently Asked Questions (FAQs). In all, the updated FAQs includes 24 new FAQs and revisions of four existing FAQs.

The FAQs have been issued and updated several times since the Uniform Guidance’s issuance, with the last update being September, 2015.

The updated FAQs provide additional guidance in the areas of indirect costs, subrecipient monitoring, payments to non-federal entities, and the Schedule of Expenditures of Federal Awards. They are intended to provide additional context and background for the guidance as Federal and non-Federal entities seek to understand the policy changes.

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Posted by: Rene Schaefer

Is your business involved in creating intellectual property or process and product improvement? If so, you or your business may qualify for federal research credit cash incentives.

What is the Credit Based On?

The federal research credit is a wage-based program, which you can calculate by identifying the wages paid to employees who perform qualified research activities. Amounts paid to outside consultants are also included in the credit at 65% of each qualifying dollar spent. In some cases, supplies that are consumed in the research process can also be included in the calculation. Multiple methods of calculating the federal research credit may be available.

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We believe the answer to the above question is, quite simply, “Yes.” Perhaps the more relevant question is, “when and how will Blockchain technology become part of my daily reality?” This question is harder to answer.

What is Blockchain Technology?

Unless you are following, or using, a cryptocurrency like Bitcoin or Ethereum, you may not know that Blockchain is the underlying technology that drives those digital currencies. To grasp this concept more easily, you can think of Blockchain as the operating system, like a phone or tablet, and of Bitcoin as an app on that phone or tablet.

Blockchain technology represents the coming together of several technologies and ideas that have the potential to solve many problems.

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Posted by: Julie Eisenhauer

April 21, 2020 update: To provide accounting relief and clarity during the COVID-19 crisis, the FASB published an exposure draft with proposals to delay the effective dates for Leases (Topic 842). Find more information here.

Last month, I wrote a synopsis of a recent Clark Nuber-sponsored real estate event. Many topics were covered by our esteemed panel; so many, in fact, that one article couldn’t cover it all.

This article addresses the other issues that real estate asset managers should know about, including insurance risks, disputes, and the state of the industry.

Risk and Insurance

Regarding mitigating risk,

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Posted by: Megan Kuchan

Healthy financial habits that last a lifetime must start at an early age. Whether you have a kindergartner or “tween,” here are a few tips you can take to teach money and finance fundamentals to your children.

Chores are your child’s first job

If your child understands the difference between a nickel and a dime, then they can start learning the value of currency. Distributing a weekly allowance for chores completed is a good way to reinforce this learning. You could start with a weekly allowance of a dollar for every year of age, but no matter the amount, they’ll have a chance to earn money and decide what to do with it.

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Organizations face complex risks each and every day – and not all of these risks are mitigated by insurance products. Risk managers face an increasing number of risks that, technically, are not insurable.

While organizations can insure against natural disasters, loss of a key decision maker, or cyber-attacks; it’s much harder to minimize exposure for new regulations, new presidential executive orders, or changes in the political or economic landscape.

How can organizations respond when these events are taking place? What about when they are happening at the same time? Below are some ways you can work toward reducing your organization’s uninsurable risks.

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Posted by: Sarah Huang

Just because something is called a donation, doesn’t mean it yields a charitable donor tax deduction. In fact, many charities offer programs wherein participants are required to make a “donation” prior to partaking. When trying to determine whether a donor can claim this payment as a deductible charitable contribution, one must evaluate all the facts.

The Internal Revenue Code does not provide a definition for what constitutes a charitable gift. Instead, it provides rules regarding the deduction limits, which types of donations are eligible for a deduction, and the substantiation requirements for the donation itself. For the definition of a gift, one must look to case law.

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