Developing News

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 FASB has taken the next step in formally delaying the effective date of the Leases standard.  They are also delaying the effective date for two other new ASUs that impact credit loss accounting and the accounting for derivatives/hedges. A recent FASB News Alert was issued, noting that the FASB has issued an ASU exposure […]

Qualified Business Income (QBI) Deduction Update

For tax years 2018 through 2025, individuals, trusts and estates can get a 20% deduction of Qualified Business Income (QBI) from sole proprietorships, S corporations and partnerships subject to certain limitations. In general, all business income/loss qualifies for the deduction with the following exceptions and limitations: It does not include employee wages, capital gains/losses, interest, […]

As an executive, if you don’t receive accurate and timely end-of-month financial reports, your business could suffer in a multitude of ways: You’ll be unable to identify errors in a timely manner, allowing the inaccuracies to balloon. Year-end reporting will take longer than necessary. Fraud is more difficult to detect. And, you’ll lose the ability […]

Last year, I wrote an article about the activity around quality of earnings (QoE) reports for M&A activity. To recap, a QoE report is a detailed analysis of all the components of a company’s earnings and the degree to which both cash and non-cash earnings, based on measurement and estimates, are subject to change. They […]

Taxpayers taking advantage of any one of the available State of Washington tax incentives – including tax deferrals, reduced B&O tax rates, exemptions, and credits – may be required to file an Annual Report or Annual Survey. Some incentives require that both the report and the survey be filed, while other programs do not have […]

Tax Reform Update: Tax Savings with Depreciation

The Tax Cuts and Jobs Act (TCJA) greatly changed the bonus and Section 179 expense depreciation rules for businesses starting in 2018.  These changes allow businesses to take advantage of even greater deductions and provide a valuable business planning tool.  Any business, big or small, needs to be aware of these rules and changes to […]

2019 – Another Year of Optimism for Manufacturers

By Hillary Parker, CPA Looking back at our 2018 Manufacturing Survey, businesses expressed optimism for several reasons, including the political focus on manufacturing, movement on tax reform, reduced regulations, and improvements to healthcare. For our 2019 Manufacturing Survey, the outlook is still upbeat, with manufacturers expressing significant optimism for overcoming the following hurdles: Raw materials […]

By Shareen Corlett, CPA Are you aware of the new Washington State Paid Family and Medical Leave Act?  In 2018, Washington created a statewide insurance program hoping to strengthen companies by ensuring every employee has access to paid time off to care for themselves and their family.  Washington will be the fifth state in the […]

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 […]

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