Blog Archives: 2020

Washington Department of Revenue Announces Temporary Expansion of Voluntary Disclosure Program

One of the perennial challenges faced by taxing authorities is identifying and contacting individuals and businesses who are unaware (or purposefully ignorant) of the tax filing obligations they may have. In an effort to encourage unregistered taxpayers with outstanding excise tax liabilities for prior periods to come forward and voluntarily register with the Washington Department […]

Washington State DOR Guidance on PPP Loan Forgiveness

The Washington State Department of Revenue (DOR) recently published guidance regarding its view on whether federal COVID-19 related financial assistance is subject to the Business & Occupation (B&O) tax (including loan forgiveness under the Paycheck Protection Program [PPP]). According to the guidance, the DOR indicates that it does not believe the financial assistance is includable […]

Economic Impact Payments Arriving via Debit Card

As outlandish as this may sound, if you receive a debit card in the mail with a note saying it’s your stimulus payment, it may not be a scam. The Treasury Department has recently confirmed it is distributing some Economic Impact Payments through prepaid debit cards mailed to taxpayers. They estimate nearly four million Americans […]

FASB Votes to Delay the Effective Date of Revenue Recognition Standard, Topic 606

To provide accounting relief during the COVID-19 crisis, the FASB, in its board meeting held on May 20, 2020, approved the proposal to delay the effective date for Revenue Recognition, Topic 606. The postponed effective date applies for franchisors that are not public business entities. This deferral will provide the Board with time to develop […]

Tax Filing and Liability Payment Updates as of April 10

April 10 update: Expansion of key tax deadlines for individuals and businesses. April 3 update: Action still needed for information returns and to delay scheduled automatic payments. March 31 update: Gift tax deadline extended to July 15, 2020. March 20 update: Tax deadline extended to July 15, 2020. March 23 update: The Internal Revenue Service […]

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