Developing News: 2020

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 […]

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. March 31 update: Gift tax deadline extended to July 15, 2020. March 20 update: Tax deadline extended to July 15, 2020. March 23 update: The Internal Revenue Service […]

On February 10, 2020, the Financial Accounting Standards Board issued proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Contributed non-financial assets can include fixed assets, such as land, buildings, and equipment; materials and supplies, such as food, clothing, and pharmaceuticals; and intangible assets and/or […]

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2019, the unrelated business income tax on transportation benefits organizations provide to employees was retroactively repealed.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. This week, the IRS indicated organizations should file an amended Form 990-T for each year the tax […]

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, 2019 includes repeal of the tax assessed on transportation benefits, such as parking and bus passes, provided by exempt organizations to […]

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