Posted by: Shane Ratigan

To expand sales tax revenues, some states are now searching for and using the presence of Internet cookies dropped across state lines to add to their coffers. These cookies are the colloquial expression for small snippets of software code stored on remote computers, phones, and other internet-connected devices. Cookies are extremely common. They’re what allows […]

Posted by: Cheryl R. Olson

The information provided by the finance departments and the development departments at not-for-profit organizations often does not agree and it doesn’t have to. What does have to happen is the numbers must be able to be reconciled from one to the other, especially if two separate reports are being provided to the Board of Directors. […]

Posted by: Jane Searing

Note: This article, originally published on January 1, 2018, has been updated to include the latest developments regarding the Tax Cuts and Jobs Act. The new information will be in blue italics. Certain transportation and, in some cases, onsite recreational facility benefits have been treated as tax exempt to employees, and tax deductible to employers […]

Posted by: Joe Haberzetle

In a previous article, we discussed how expense reimbursements could present a B&O tax trap for real property lessors. Since publishing the article, we have learned that the Washington Department of Revenue (DOR) is aggressively targeting property management fees and payroll reimbursements on audit.  In certain cases, property managers have been assessed sales tax (as […]

Posted by: Megan Ryan

The Tax Cuts and Jobs Act, signed into law on December 22, 2017, contains provisions that directly impact certain benefits commonly provided to employees.  Employers should be aware of these changes and the effective dates of each change, as it may require changes to payroll, federal income tax withholding, and both the employer and employee […]

Posted by: Jane Searing

The Bipartisan Budget Act of 2018 passed a significant exception to the Excess Business Holdings rule.  This exception had been included in H.R. 1 of what became the TCJ Act of 2017, but it was pulled out during the Senate reconciliation process. Before this change, private foundations were prohibited from holding more than either a […]

Posted by: Rhona Kwiram

Not-for-profit organizations need to be aware that some changes in your calendar 2018 or fiscal 2019 year-end financial statements will be required. These changes are designed to more clearly indicate your organization’s financial position as a result of a recent Financial Accounting Standards Board Accounting Standards Update (FASB ASU). The changes prescribed in Not-for-Profit Entities […]

Posted by: Sarah Huang

Now that a month has passed since President Trump signed the Tax Cuts and Jobs Act into legislation, the ripple effect of the changes is being felt.  The drop in corporate tax rates has a positive impact for many.  However, exempt organizations with outstanding tax-exempt bonds may be facing higher interest rates this year and […]

Posted by: Bryce Rassilyer

Four years ago, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-15 (ASU 2014-15) Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which rewrote the rules for an organization’s requirement to consider its ability to continue as a going concern. These […]

Posted by: Steve Shulze · Jane Searing

Employee benefits that were formerly tax-free benefits under IRC 132(f) (transportation, parking, and on-site exercise facilities) are now only tax free if: The employer is a for-profit business and forgoes the federal income tax deduction, or The employer is a tax-exempt organization and pays unrelated business income tax on the value of those benefits. Otherwise, […]

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