Developing News: 2016

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial statements of NFPs. These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

Post-Trump Era for Federal and Washington Estate Tax

With the incoming new administration comes changes in tax law. The news media has been sharing bits and pieces of the potential changes, which vary by day and speaker. One expected modification, as espoused by the GOP, is the repeal of the federal estate and gift tax. While this may be welcome news to many […]

Updated June 12, 2018: Content changed to include the impact of this change on capital campaign activities and capital fundraising. Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial […]

Among the issues Washington will vote on in the November election is whether the state should enact the Carbon Emission Tax Act via Initiative 732. The Initiative proposes a tax on the sale or use of carbon. If it passes, Washington will be the first state in the nation to impose a carbon tax. Overview of […]

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial statements of NFPs.  These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

Taxpayers earning revenue from performing services or from licensing intangibles, and doing business both inside and outside of the State of Washington are required to complete an “Annual Reconciliation of Apportionable Income.” The form must be submitted to the Department of Revenue by October 31st of each year; failing to file the reconciliation may result […]

IRS Tax Scams Abound – Fake CP2000 Forms

IRS tax scams abound: the IRS and its Security Summit partners issued an alert on September 22 about the most recent scam, this one involving a fake email with a fraudulent CP2000 attachment.  The Treasury Inspector General for Tax Administration has been notified and the issue is under investigation. The CP2000 notice is a common […]

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial statements of NFPs.  These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial statements of NFPs.  These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

On August 2, 2016, the IRS issued proposed regulations under Internal Revenue Code Section 2704 that could eliminate or significantly reduce the allowable discounts when valuing interests in family-owned entities for gift, estate and generation-skipping transfer tax purposes. Background Historically, taxpayers could reduce the value of their taxable estates or the value of taxable gifts by […]

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