Blog Archives: 2017

How to Invest in Your Family’s Financial Future

Introducing a little one to the family is a very exciting time. That said, there are some financial logistics to consider, before your bundle of joy arrives, that will help protect your family’s financial future.

These are the not-so-fun topics that are crucial parts of parenting – and are much easier to get in place before baby arrives. We’ve outlined a few of the most important financial planning steps below.

1. Life and Disability Insurance

Maybe you already have life insurance or maybe it’s just time to revisit your policy to make sure it still meets your family’s needs. Either way,

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Tone at the Top: Are you feeding your employees the right messages when it comes to fraud?

I recently heard a fable involving an elderly Native American warrior teaching a life lesson to his grandson. He said, “A fight is going on inside me.  It is a terrible fight and it is between two wolves. One is evil – he is anger, envy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and ego.” He continued, “The other is good – he is joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, and faith. The same fight is going on inside you – and inside every other person, too.” The grandson thought about it for a minute and then asked his grandfather,

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How will the New Lease Accounting Standard Affect Your Debt Covenants?

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.

After a long wait, the Financial Accounting Standards Board (FASB) approved the new lease accounting standard (Accounting Standards Update 2016-02 “ASU 2016-02”) in February 2016. For public companies, reporting requirements will come into effect for years beginning after December 15, 2018.  For all other businesses, these requirements will take effect for fiscal years beginning after December 15, 2019.

Possible impact on lending requirements

The FASB acknowledged that the additional lease liabilities recognized upon adopting ASU 2016-02 could cause some businesses to violate debt covenants or affect access to credit.

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Washington Department of Revenue Annual Tax Incentive Reports and Surveys – New May 31 Due Date

Taxpayers taking advantage of any one of the available State of Washington tax incentives – including tax deferrals, reduced B&O tax rates, exemptions, and credits – may be required to file an Annual Report or Annual Survey.

Some incentives require that both the report and the survey be filed, while other programs do not have a reporting requirement.

For tax incentives taken in 2016, the due date for the Annual Report and Annual Survey is May 31, 2017.

There are over 50 different tax incentive programs in Washington. A partial list of common incentives includes:

  • High Technology B&O Tax Credit for R&D Spending
  • High Technology Sales &

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The Combined Reporting Trap for California Real Property Holders

Owners and managers of multiple entity businesses holding California real estate investments may be surprised to learn that laws written almost 100 years ago can have a dramatic impact on their taxes.

In the 1930s, California implemented special reporting rules for multiple entity business models.  The rules, reportedly targeting the movie industry because profits from film production were being increasingly realized outside the state, required that all businesses collectively operating a “single trade or business” be taxed as a single entity.

This treatment is often referred to as unitary or combined reporting.  More than half of all states that impose an income tax now require some form of combined reporting,

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