Article Archives: 2021

In response to the COVID-19 pandemic, the United States government passed a series of funding initiatives, including the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the American Rescue Plan Act of 2021 (ARPA).

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On November 10, 2021, the FASB board voted unanimously to reject a request for a two-year extension to the effective date of the new lease accounting standard. Private companies and not-for-profit organization adoption requirements are now imminent and will not be subject to any further extensions.

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Posted by: Rene Schaefer in Manufacturing.

The manufacturing industry makes up the backbone of the U.S. economy and, as such, there are many tax incentives aimed at helping manufacturers grow and thrive. Below, you’ll find 10 of these manufacturing tax incentives available to you in 2021:

Depreciation Expensing Under Section 179 and Bonus Depreciation

Manufacturers are allowed to expense up to $1.05 million in fixed asset additions under Section 179 if the total additions are less than $2.62 million each year.

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Posted by: Victoria Kitts

Originally published on 6/30/2021; updated to reflect changes in the OMB 2021 compliance supplement.

If your organization receives federal funding subject to the rules and regulations in the Uniform Guidance,

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Posted by: Pete Miller in SSPA Compliance.

Since the emergence of specialty service providers, data sharing between companies has grown at an exponential rate. As a result, specialty service providers are increasingly being asked to demonstrate their ability to protect confidential corporate data and private personal information as a condition of being hired.

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After 12 years of dedicated work driven by a committee of the Washington State Bar Association, the Washington State Legislature passed the Washington Nonprofit Corporation Act in 2021.

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This summer, many eligible live performing arts organization operators; live venue operators or promoters; theatrical producers; motion picture theater operators; talent representatives; and museum, zoo, and aquarium operators who met specific criteria received notification from the Small Business Association (SBA) that they would be receiving a Shuttered Venue Operators Grant (SVOG) award and potentially a supplemental grant as well.

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Last May, Clark Nuber published an overview of Washington state’s capital gains tax that takes effect on January 1, 2022. Shortly after the act was signed into law by Governor Inslee,

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Each year, the Office of Management and Budget (OMB) issues a 2 CFR Part 200, Appendix XI Compliance Supplement (Compliance Supplement). The Compliance Supplement provides a road map that auditors must follow when performing a Single Audit (established under the Single Audit Act of 1984),

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Posted by: Candi Avery in SAS No. 134.

If you have audited financial statements, you should anticipate significant changes to the form and content of your 2021 audit opinion.

The AICPA’s Auditing Standards Board (ASB) has issued Statement on Auditing Standards (SAS) No.

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