Developing News: 2019

In order to enjoy the maximum potential tax benefits of a Qualified Opportunity Fund (QOF), you must invest in a QOF by December 31, 2019. This will allow you to hold the investment for seven years prior to December 31, 2026 and thus receive the maximum 15% reduction in capital gains. Investors may still invest […]

Virtual currency investors, and blockchain miners, take note: the IRS wants to know more about your 2019 cryptocurrency transactions. In an effort to raise awareness of the tax consequences involving virtual currencies, the IRS added a new check box to the top of Schedule 1, Form 1040, Additional Income and Adjustments to Income that asks […]

Recently, the Office of Management and Budget (OMB) sent out an email alert to those organizations that require Single Audits to be performed. If your organization does not have a Single Audit performed, there is no need to read further. For those organizations that do require Single Audits to be performed, we wanted to draw […]

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 […]

April 21, 2020 update: To provide accounting relief and clarity during the COVID-19 crisis, the FASB published an exposure draft with proposals to delay the effective dates for Leases (Topic 842). Find more information here. The FASB has taken the next step in formally delaying the effective date of the Leases standard.  They are also delaying […]

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 […]

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