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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, a lawsuit was filed by the Freedom Foundation, represented by Seattle law firm Lane Powell. The lawsuit alleges the new tax violates the Washington State Constitution, as well as the Commerce Clause of the U.S. Constitution, by taxing the sale of capital held out-of-state by Washington residents.

A second lawsuit was filed on May 20, 2021 by former Washington state Attorney General Rob McKenna (now with the law firm Orrick Harrington &

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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), and it can be used as a tool by auditees to better understand the audit process and what the auditors will be testing.

With the large number of new Federal COVID-19 programs being authorized, and the amount of new Single Audits being undertaken this year because of them, the Compliance Supplement is as important as ever.

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Posted by: Candi Averyin 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. 134, Auditor Reporting Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, which will become effective for periods ending on or after December 15, 2021.

The new SAS is meant to make it easier for users of the financial statement to understand the results of the audit and better emphasizes the auditor’s and management’s responsibilities. SAS No. 134 will also more closely align the AICPA’s auditing standard with those of the Public Company Accounting Oversight Board (PCAOB) and international auditing standards.

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Posted by: Candi Averyin SAS No. 137.

If you issue an annual report that includes or accompanies audited financial information, pay close attention! The AICPA’s Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 137The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports, which will become effective for periods ending on or after December 15, 2021.    

The new SAS addresses what procedures an auditor must perform regarding financial and nonfinancial information found in an annual report. As an auditee, you will be required to provide written representations acknowledging which documents comprise the annual report and to provide the reports to the auditors to review in a timely manner.

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Posted by: Cheryl R. Olsonin QuickBooks.

QuickBooks is an effective accounting system for many companies. But our clients consistently ask us, “When do I need a new accounting system?,” and our answer is usually, “It depends!”

Unfortunately, there is not one specific trigger, such as a budget threshold, asset size, or type of entity, that signals it’s time to upgrade an accounting system. We’ve seen simple businesses with $20 million budgets effectively use QuickBooks, and we’ve seen businesses with $5 million budgets upgrade to a more robust system in order to meet complex reporting requirements. The decision to explore a new accounting or ERP system is a combination of factors where the benefits of change outweigh the financial cost,

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Posted by: Grant Shaver · Bob Hellerin B&O Tax.

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.

When is the Annual Reconciliation of Apportionable Income Form Due?

The form must be submitted to the Department of Revenue by October 31st of each year. Failure to timely file the reconciliation form may result in penalties.

Who Must File?

In-state taxpayers that earn income from apportionable business activities performed for customers located inside and outside of Washington may apportion such revenue to Washington for B&O tax purposes.

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Introduction

The Information Security Policy (IS Policy) is the most important security document of an organization. Ideally, it should serve as the guiding principle of an organization’s information security, providing structure and vision to ensure the organization can achieve its mission, while keeping its data safe.

The IS Policy requires a mature process to ensure its objectives are met. This article will cover the steps to creating one for your own organization.

Click here to download a more in-depth version of this piece, with a template for you to reference when building your own IS Policy.

Step 1: The Policy Statements

The IS Policy typically begins with the Policy Statements,

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Posted by: Jason Chongin Cybersecurity.

There’s no amount of money you can throw at cybersecurity to create a 100%, hacker-proof environment. But even on a limited budget, there are still simple steps you can take to make your organization more secure. The following are five actions and policies you can implement on a budget to keep your sensitive information safer.

(We’ll assume you already have enterprise network firewalls and anti-virus protections in place. But if not, start there!)

Internal Security Policies

Internal security policies are a great first step for any organization operating on a shoestring budget. That’s because, for the most part, they’re free!

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When additional Employee Retention Credit (ERC) guidance was provided in March 2021, the Notices clarified wages utilized for Paycheck Protection Program (PPP) loan forgiveness are not eligible for the ERC.

We assumed this double dipping prohibition would extend to post-CARES Act COVID relief programs, such as the Shuttered Venue Operator Grants (SVOG) and the Restaurant Revitalization Fund (RRF). However, Notice 2021-49 provides guidance that indicates otherwise.

RRF and SVOG Wage Double Dipping Permitted for 2020 and 2021 Q1 and Q2

For RRF and SVOG recipients, coordination between these and the other COVID programs (PPP,

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The IRS recently released Notice 2021-49, providing long awaited guidance on many aspects of the Employee Retention Credit (ERC). One aspect relates to the timing of the wage disallowance for ERC claims.

In FAQs issued by the IRS in 2020 and reiterated earlier this year in Notice 2021-20, employers that claim an ERC must reduce their wage expense and health plan expenses (if appliable) on their income tax returns by the employee retention credit amount. However, the timing of this reduction was uncertain – is it in the year the amounts were paid or the year which the ERC claim is filed?

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