Stay up to date on the latest news and practices impacting today’s businesses.

Annual Apportionment Reconciliation Due by October 31, 2016

Just a reminder to businesses that engage in business activities in the state of Washington where the gross income from such activities is subject to apportionment: any business that remits Washington Business & Occupation (B&O) Tax on an apportioned basis must file an annual reconciliation form with the Washington State Department of Revenue, regardless of whether or not an adjustment to the tax amounts reported throughout the year is required. Read more.

Back-of-the-House Tip Pooling to Cease Dec. 5, 2016

The Ninth Circuit Court of Appeals ruled on Feb. 23rd, 2016 in support of The U.S. Department of Labor regulations prohibiting the inclusion of employees not customarily tipped, such as kitchen employees, in a tip pool or tip sharing arrangement. The Washington Restaurant Association ("WRA") petitioned the court to reconsider the ruling. Read more.

Peterson Sullivan Announces New Tax and Audit Directors

Peterson Sullivan, a Puget Sound Top 7 accounting firm, announced today the appointments of Rob Keasal, CPA, to Tax Director and Nathan Hartman, CPA, to Audit Director. Read more.

Proposed Regulations Impact Estate and Gift Tax Planning for Owners of
Family Businesses

On August 2, 2016, the Treasury Department issued new proposed estate and gift tax regulations which, if finalized in their current form, will substantially restrict long-standing estate and gift planning strategies used by the owners of family-controlled businesses and by family investment entities (such as family limited partnerships). Read more.

Thought Leadership

Read a few of our latest viewpoints as our team of experts look at the immediate and long-term issues facing our clients.

Collaborative Activities: Are You Reporting Them Correctly?

More and more nonprofits are joining forces to better serve their client populations and cut costs. But such relationships can come with complicated financial reporting obligations. As this article explains, the organization’s reporting requirements will depend on the type of relationship the nonprofit enters, such as a collaborative arrangement, a merger, a new legal entity, or cessation of control without creation of a new legal entity. Read More.

Understanding the New Lease Accounting Standard

Recently, the FASB issued its long-awaited lease accounting standard. Accounting Standards Update No. 2016-02, Leases (Topic 842), will have a big impact on the financial statements of companies that lease real property, equipment, vehicles and other fixed assets. Read More.

Tread Carefully This Election Season

The IRC states that 501(c)(3) organizations can’t participate or intervene in any political campaign on behalf of, or in opposition to, any candidate for public office. Learn what constitutes political intervention. Read More.

Washington State Taxes and Independent Schools

Nonprofit organizations, even though they may be exempt from federal taxes, are generally not exempt from taxes in Washington. Unless a nonprofit organization has a specific exemption for excise taxes... Read More.

Industries and Services

Fraud & Forensic Accounting

From time to time questions about the financial integrity of a business or personal situation can arise. Speculation, theories and suspicions are a natural... Read more.

Succession Planning

Your objectives and vision for your company are important elements in your quest for a new owner. This process can be challenging... Read more.

Mergers & Acquisitions

Many business owners are involved in a sale, merger or acquisition once or maybe twice during their lives.  Read more.