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On September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Contributed nonfinancial assets, also known as gifts-in-kind (GIK), can include fixed assets, such as land, buildings, and equipment; use of fixed assets or utilities; materials […]

The King County Treasurer’s Office has informed taxpayers that, despite extending the April 30th payment deadline for first-half 2020 property tax bills, it will not extend the October 31st payment deadline for second-half 2020 property tax bills. Instead, King County is offering payment plans to all delinquent taxpayers for the full 2020 tax year. If […]

Tax Relief to Help Employees with COVID-19 Expenses

COVID-19 has upended our daily lives, and many companies are searching for ways to aid their employees through the ongoing challenges of the moment. Thankfully, there is a little-known tax provision (IRC Section 139) which provides for disaster relief payments that can help employers support their workers. In a federally declared disaster, IRC Section 139 […]

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 […]

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 […]

On July 6, 2020, the Seattle City Council passed City Ordinance Number 126108, imposing a payroll expense tax on persons engaging in business in Seattle. The ordinance takes effect at the start of 2021 and sunsets at the end of 2040. The tax will be imposed on businesses and organizations with at least $7 million […]

One of the perennial challenges faced by taxing authorities is identifying and contacting individuals and businesses who are unaware (or purposefully ignorant) of the tax filing obligations they may have. In an effort to encourage unregistered taxpayers with outstanding excise tax liabilities for prior periods to come forward and voluntarily register with the Washington Department […]

The Washington State Department of Revenue (DOR) recently published guidance regarding its view on whether federal COVID-19 related financial assistance is subject to the Business & Occupation (B&O) tax (including loan forgiveness under the Paycheck Protection Program [PPP]). According to the guidance, the DOR indicates that it does not believe the financial assistance is includable […]

As outlandish as this may sound, if you receive a debit card in the mail with a note saying it’s your stimulus payment, it may not be a scam. The Treasury Department has recently confirmed it is distributing some Economic Impact Payments through prepaid debit cards mailed to taxpayers. They estimate nearly four million Americans […]

To provide accounting relief during the COVID-19 crisis, the FASB, in its board meeting held on May 20, 2020, approved the proposal to delay the effective date for Revenue Recognition, Topic 606. The postponed effective date applies for franchisors that are not public business entities. This deferral will provide the Board with time to develop […]

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