Articles

Posted by: Jane Searing

The IRS issued Notice 2018-99 December 10, 2018, clarifying some of the unanswered questions arising from the 2017 Tax Cuts and Jobs Act (TCJA) changes regarding the nontaxable qualified transportation benefits provided to employees. Changes impact taxable and tax-exempt employers. Many of the questions were related to the costs of providing qualified transportation benefits. Of […]

Posted by: Steve Shulze · Jane Searing

Note: This article, originally published on January 12, 2018, has been updated to include the latest developments regarding the Tax Cuts and Jobs Act. Among many other things, the Tax Cuts and Jobs Act affected how the government will tax certain employee benefits. Changes were made simultaneously to whether employers could take a deduction for […]

Posted by: Jane Searing

Note: This article, originally published on February 21, 2018, has been updated to include the latest developments regarding the Tax Cuts and Jobs Act. Prior to passing the Tax Cuts and Jobs Act of 2017, certain transportation benefits and, in some rare cases, onsite athletic facility benefits were treated as tax exempt to employees — […]

Posted by: Victoria Kitts

You are on the board of a not-for-profit organization (NFP) and charged with making wise decisions for the good of the organization and its donors. When is the best time to perform an audit of its financials? The NFP doesn’t have any outside requirements to have an audit. It does not need to provide one […]

Posted by: Katy DeFilippo

The implementation date of ASC 606: Revenue from Contracts with Customers is quickly approaching,  which may have some real estate operators feeling a bit apprehensive. For private companies, ASC 606 is effective for years beginning after December 15, 2018. So, if your company has a calendar year-end, ASC 606 will be effective for fiscal years […]

Posted by: Jane Searing

Note: This article, originally published on October 16, 2018, has been updated to include the latest developments regarding the Tax Cuts and Jobs Act.  The IRS published a draft 2018 Form 990-T* and Instructions** for exempt organizations. These will help organizations gain an understanding of its 2018 unrelated business income (UBI) tax liability. Treasury (the IRS) […]

Posted by: Joe Haberzetle

One by one, Washington cities and towns are beginning to regulate vacation rentals offered for rent by owners of residential properties.  Regulatory permits and licenses, however, are not the only compliance requirements imposed on short-term rental businesses; they also need to consider state and local tax requirements. This article will provide short-term rental businesses with […]

Posted by: Christie Streit

Franchisors take note – a new accounting guidance will soon change the way you recognize revenue. ASU 2014-09, “Revenue from Contracts with Customers” (ASC 606), provides new guidance for recognizing revenue for contracts with customers. The guidance under ASC 606 is effective for public entities with annual reporting periods beginning after December 15, 2017. For […]

Posted by: Mike Nurse

Congratulations! Your organization has identified a new CFO to help bring your accounting department into line at a very reasonable price. Although you had budgeted for a full-time employee, the prospective CFO has told you that she would like to be hired as an independent contractor. At first thought, this sounds wonderful. Hiring an independent […]

Posted by: Karen Dunn

Two questions tax practitioners hear frequently — “What are the risks of an IRS audit?” and “What outcome can we expect if we are audited?” If you ask your tax advisor these or similar questions, it’s likely you will not get an answer. It is not ethical to give tax advice based upon probability of […]

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