Blog Archives: 2019

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

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 2018, the due date for the Annual Report and Annual Survey is May 31, 2019.

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 “Other” Fraud: Enabling Factors and Detection Methods of Noncash Fraud

Occupational fraud doesn’t always translate to hard cash leaking out of the company’s bank account. This article from the Rochester Democrat & Chronicle discusses an ongoing case about the alleged employee theft of over $2 million worth of diabetes test strips, illustrating how noncash fraud can be very lucrative in the right circumstances.

Enabling Factors

First of all, for a noncash fraud scheme like this to work, there has to be a market for the stolen goods. If the product is too bulky or can only be sold to a limited group of buyers, the risks of this type of fraud reduce.

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Tax Reform Update: Tax Savings with Depreciation

The Tax Cuts and Jobs Act (TCJA) greatly changed the bonus and Section 179 expense depreciation rules for businesses starting in 2018.  These changes allow businesses to take advantage of even greater deductions and provide a valuable business planning tool.  Any business, big or small, needs to be aware of these rules and changes to take advantage of the new deductions.

Bonus Depreciation

Historically, bonus depreciation had provided taxpayers the ability to immediately deduct 50% of the cost of qualifying fixed assets.  Previously, qualified fixed asset property included only brand new property. Used property was not eligible for the 50% bonus deduction.

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2019 – Another Year of Optimism for Manufacturers

By Hillary Parker, CPA

Looking back at our 2018 Manufacturing Survey, businesses expressed optimism for several reasons, including the political focus on manufacturing, movement on tax reform, reduced regulations, and improvements to healthcare.

For our 2019 Manufacturing Survey, the outlook is still upbeat, with manufacturers expressing significant optimism for overcoming the following hurdles:

  • Raw materials – costs are expected to increase, but only 14% of those surveyed expect a significant increase.
  • Labor costs – similarly, this category is expected to increase, but only 10% expect that increase to be significant.
  • Competition

While lack of available talent was reported as the biggest barrier to growth,

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How the Paid Family and Medical Leave Act Affects Washington Businesses

By Shareen Corlett, CPA

Are you aware of the new Washington State Paid Family and Medical Leave Act?  In 2018, Washington created a statewide insurance program hoping to strengthen companies by ensuring every employee has access to paid time off to care for themselves and their family.  Washington will be the fifth state in the nation to offer this benefit.

The plan allows employees to take up to 12 to 18 weeks of leave for certain circumstances.  The Employment Security Department (ESD) has worked in phases to develop the program, which is still in process.

Premium withholding for this program began on January 1,

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