Blog Archives: 2022

The Seattle Payroll Expense Tax – What You Need to Know

This article was originally posted on 8/19/2020. It has been updated to reflect news and updates as of 6/21/2022. 

6/21/2022 Update: The Washington State Court of Appeals, Division 1, ruled in Greater Seattle Chamber of Commerce v. City of Seattle that the Seattle payroll expense tax is a lawful excise tax on businesses imposed under powers vested in the City by the state legislature and the state constitution. It did not accept the Seattle Chamber of Commerce’s argument that the tax is an unlawful levy on an employee’s right to earn a living by working for wages. In so ruling,

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Balancing Work and Life During Your Career

With the pandemic-driven move to a primarily work-from-home model in 2020, the lines between work and life have never been more blurred. Yet, finding the right balance between the two is still a crucial component to a long and successful career. The shape that balance takes will depend entirely on the unique goals of each individual.

Principal Kelly Rancourt and Shareholder Andrew Prather have learned to create their own sense of balance as they worked full-time throughout their accounting careers. We sat down with them recently to discuss how they’ve done so and pointers for those still figuring it out.

A healthy work-life balance takes a lot of different forms.

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Everything Old is New Again – Fraud Edition

Cybersecurity fraud is gaining momentum as a significant area of concern for business owners and leaders of not-for-profit organizations alike. And I strongly encourage you to examine your organization’s resilience to such threats. However, there’s still a lot “old-fashioned” fraud being perpetrated from within organizations, and a focus on cybersecurity shouldn’t diminish your focus on these more traditional schemes. This article will cover recent newsworthy frauds and how the perpetrators got away with it.

Fake Company – Similar Name

The executive director of a not-for-profit organization was indicted for stealing money from her employer, the Miss Florida Scholarship Program.

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Cryptocurrency Staking Rewards are Still Taxable

On Feb. 2, the IRS conceded a lawsuit filed by Joshua and Jessica Jarrett concerning the taxability of staking rewards for cryptocurrencies. This decision was initially greeted as a victory by the crypto-community, but it appears closer to a stalemate now that the dust has settled.

The case began in 2019 when the Jarretts paid close to $3,200 in income tax on new tokens they created through staking. Believing that their tokens should only be taxed when they are sold, the Jarretts filed for a refund of the $3,200 in August 2020. The IRS originally ignored the claim, resulting in the couple taking the matter to a federal court.

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Update on ASU 2021-07: Compensation-Stock Compensation (Topic 718)

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-07, Compensation-Stock Compensation (Topic 718) titled “Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards.”

The amendments in this update affect all nonpublic entities that issue equity-classified share-based awards and elect the practical expedient in this update.

What’s in the Update?

A nonpublic entity can now determine the current price input of equity-classified share-based awards issued to both employees and nonemployees using the reasonable application of a reasonable valuation method.

The practical expedient describes characteristics of the reasonable application of a reasonable valuation method.

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