Article Archives: 2019

Posted by: Julie Eisenhauer

As a family business advisor, I often provide consultations on maintaining family harmony as the family successfully transitions the business from one generation to the next. Various research has found that only 30% of family businesses transition successfully to the 2nd generation, 12% to the 3rd generation and 3% to the 4th generation. Further, 60% […]

Posted by: Karen Dunn

You’ve finally squared away your organization’s 2018 Form 990 (or 990-PF or 990-EZ) when your accountant informs you the organization still owes tax on qualified transportation benefits provided to your employees. What? It’s true. Since this new expense came into effect with the 2017 Tax Cuts and Jobs Act (TCJA), we’ve dedicated several articles in […]

Posted by: Troy Rector

Grace periods are history and, by now, not-for-profit organizations (NFPs) administering federal grants subject to the Uniform Guidance must have procurement policies in place and operating in accordance with them. As mentioned in our previous article, the Uniform Guidance contained procurement standards that resulted in significant changes to how many NFPs procure goods and services […]

The 2019 Washington legislative session has ended, but it was a busy year in terms of tax related bills. The enacted legislation includes business and occupation (“B&O”) tax increases on certain service businesses and financial institutions, changes to the international investment management B&O tax classification, and a move to a graduated real estate excise tax.

Posted by: Karen Dunn

This is updated from an article that was originally published on 8/1/2017. It is time again to prepare to file the Form 990. Calendar year returns for 2018 are due May 15 and may be extended to November 15. Even fiscal year organizations can start thinking about it or they may be filing for 2017 now. […]

As you’ve likely heard, ASU 2016-14, called Presentation of Financial Statements of Not-for-Profit Entities, was issued in August 2016 and is effective for fiscal years beginning after 12/15/17. The standard applies to all organizations, regardless of size. The ASU has changes in five key areas: Net asset classification Disclosures about liquidity and availability of financial […]

This article was originally published on AccountingWeb, 12/7/2018. As the holiday season approaches, your retail clients who offer a layaway option must know to accurately apply sales tax rules of their state to layaway purchases. While these types of sales may be small, they are an important area of compliance. More importantly, layaways are likely […]

The Key Worldwide Foundation, formed in 2013, now finds itself at the center of the college admissions scandal grabbing headlines the last couple weeks. Over the years, millions of dollars had flowed through the charity as part of the scheme without IRS detection. Watching the story develop, it was interesting how quickly attention turned to […]

This article was originally published on AccountingWeb, 9/10/2018. There’s little doubt e-commerce businesses will feel the impact of the Wayfair decision, but as the states either introduce or dust off their economic nexus rules for remote sellers, one area where the state rules diverge is their measure of economic thresholds. Economic nexus allows the states […]

This article was originally published on AccountingWeb, 10/30/2018. As the impact of the Supreme Court’s case on Wayfair Inc. continues to play out, some commentary has focused on different aspects of the decision including the fact that in all sales tax states, long-standing laws already compel consumers who make tax-free purchases to self-remit the taxes […]

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