Blog Archives: 2020

FASB Issues New Presentation and Disclosure Requirements for Gifts-in-Kind

Posted October 12th, 2020 & filed under Blog.

On September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.

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King County Offers Payment Plan for 2020 Property Taxes

Posted October 9th, 2020 & filed under Blog.

The King County Treasurer’s Office has informed taxpayers that, despite extending the April 30th payment deadline for first-half 2020 property tax bills, it will not extend the October 31st payment deadline for second-half 2020 property tax bills.

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Tax Relief to Help Employees with COVID-19 Expenses

Posted September 17th, 2020 & filed under Blog.

COVID-19 has upended our daily lives, and many companies are searching for ways to aid their employees through the ongoing challenges of the moment. Thankfully, there is a little-known tax provision (IRC Section 139) which provides for disaster relief payments that can help employers support their workers.

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Annual B&O Tax Apportionment Reconciliation Due October 31st for Washington State

Posted September 10th, 2020 & filed under Blog.

For business and occupation (“B&O”) tax purposes, taxpayers earning apportionable revenue calculate their taxable Washington revenue by applying a “receipts factor” apportionment methodology. Taxpayers computing B&O tax in this manner are required to complete and file an Annual Reconciliation of Apportionable Income form with the Department of Revenue.

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Washington State DOR Guidance on PPP Loan Forgiveness

Posted June 9th, 2020 & filed under Blog.

April 8, 2021 Update: The Legislature has enacted a specific exemption from the B&O tax for qualifying grants received on or after February 29, 2020. Read more here. 

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