Developing News: 2020

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.

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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.

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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.

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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.

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April 8, 2021 Update: The Legislature has enacted a specific exemption from the B&O tax for qualifying grants received on or after February 29, 2020. Read more here. 

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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.

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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,

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April 10 update: Expansion of key tax deadlines for individuals and businesses.

April 3 update: Action still needed for information returns and to delay scheduled automatic payments.

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In December 2019, the unrelated business income tax on transportation benefits organizations provide to employees was retroactively repealed. Since then, not-for-profits have eagerly awaited IRS guidance on how to obtain refunds for amounts already paid toward this tax.

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In a pleasant year-end gift, Congress provided relief to tax exempt organizations through repeal of the tax on qualified transportation benefits. A package of government funding bills signed by the President on December 20,

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