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Through recent proposed regulations on November 20, 2018, the IRS has noted that, for individuals who took advantage of the increased gift and estate tax exclusions from 2018 to 2025, there will be no claw back when current exemption levels are set to decrease after 2025. In general, estate tax planners across the board felt […]

As an auditor, I’ve seen my fair share of fraud attempts. But personally, I had not experienced such an attempt against an organization I was volunteering with – until now. I have the dubious distinction of being among the hundreds of thousands who have received a social engineering phishing email (i.e., solicitation of information by […]

In recognition of October being Cyber Security Month, this blog post will cover IT risk management practices relating to data protection. The saying goes that “cash is king” and when it comes to risk management and fraud, it often is. A fundamental risk management technique is to prioritize the protection of assets that either are […]

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 […]

The Tax Cuts and Jobs Act (TCJA) added a new tax deduction for owners of pass-through entities – a 20% deduction of qualified business income (QBI) from a qualified trade or business. This new provision may potentially lower the maximum individual tax rate of 37% on pass-through income to 29.8%, which makes it more comparable […]

The Tax Cuts and Jobs Act (TCJA) was intended to reform the tax code by lowering tax rates and changing income and deductions for all businesses.  Two of the most significant changes are the reduction of the C corporate tax rate to 21% and the addition of the 20% qualified business income deduction for pass-through […]

The Tax Cuts and Jobs Act (TCJA) has significantly lowered tax rates for businesses and changed many deductions.  One of the biggest and most important changes is the deductibility of business interest expense, which is creating complexity and confusion.  This provision is expected to raise $250 billion in taxes over the next ten years. In […]

The fraud triangle is the cornerstone to occupational fraud theory and illustrates the three elements that need to be in place for a perpetrator to successfully execute a fraud scheme. This concept, and its three major tenets, have been at the heart of fraud theory for over 40 years. Those three tenets are pressure, opportunity, […]

By Nicole Lyons, CMI On May 14th, 2018, the Seattle City Council, after much political wrangling and public debate, enacted a new employee hours tax (referred to as the “head tax”) on businesses in the city. The ordinance was signed by Mayor Durkan on May 16th and the tax will take effect on January 1, […]

With the passage of the 2017 Tax Cuts and Jobs Act (TCJA), many clients want to know if the tax benefit of the federal research credit (R&D credit) is still available. The TCJA did not directly change the general rules related to the R&D credit.  The R&D credit is available to taxpayers who develop new […]

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