News

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

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.

Peterson Sullivan Named One of Washington's Best Workplaces for 2016

For the second year in a row, Peterson Sullivan was named one of Washington's Best Workplaces by the Puget Sound Business Journal. Employees were surveyed on job satisfaction, opportunity for advancement, as well as relationships with their bosses and fellow employees. Read more.

Tax Identity Theft on the Rise: What You Need to Know

Earlier this year, the U.S. Federal Trade Commission (FTC) reported there was an almost 50% jump in identity theft complaints in 2015. The primary driver of that spike was tax identity theft. Businesses also need to be aware of the risk of tax identity theft they face. Criminals aren’t just pursuing Social Security numbers — they’re also going after employer ID numbers. The U.S. government and the IRS have recently taken measures to combat the epidemic that has implications for both individuals and employers. Read more. 

Peterson Sullivan to Present at the Washington State Tax Conference 

Peterson Sullivan's State and Local Tax (SALT) department will be presenting at this year's Washington State Tax Conference on June 24, 2016.  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.