News
New California small business hiring credit for 2020. Especially attractive for restaurants and retail industries
Small businesses are able to get a nonrefundable credit of $1,000 for each net full time equivalent employee addition. The total credit can range from $1,000-$100,000. The increase is measured by comparing the average number of full time employees in the second quarter of 2020 to the average number in the 5 month period 7/1/2020-11/30/2020….
KBF Adds Debbie Spyker to its Employment Tax Services Practice
Please join us in welcoming Debbie Spyker to KBF. Debbie is joining KBF as an Employment Tax Services Consultant where she will focus on growing and developing our Employment Tax Services practice. Debbie is a firmwide resource and will assist clients in all of the markets KBF serves. Debbie was previously a Managing Director at…
Current COVID-19 Related Tax Guidance for Oregon, Washington, and California
Working remotely has become the new normal for many employees on the West Coast. Although many employees enjoy the convenience of working remotely, both employees and employers need to consider the tax implications of having employees working in states where the business previously had no presence. For employees who reside in one state but are…
European Commission Appeals Apple’s Major “State Aid” Tax Victory
Earlier this summer, Apple won a $15 billion State Aid case related to its Irish operations. This decision was rendered by the EU’s lower court. In late September, the European Commission decided to appeal the outcome. Now that the appeal has been filed, it could take the European Court of Justice up to two years to…
Accounting for Income Taxes – A Path Towards Simplicity – ASU 2009-06
The Financial Accounting Standards Board (FASB) establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other…
Executive Order Allows Tax Deferral of Social Security Tax for Employees
On August 9, 2020, President Trump signed an executive order that allows for the deferral of withholding, deposits, and payments of the employee portion of Social Security tax from September 1 to December 31, 2020. Further to this, on August 28, 2020 the Treasury issued Notice 2020-65 providing guidance on the implementation of President Trump’s…
KBF Adds Priyanka Shah to its CTS Practice
Please join us in welcoming Priyanka Shah to KBF. We are excited to announce the addition of Priyanka Shah, Tax Manager, to KBF in the Seattle Corporate Tax Services group. Priyanka will be working from her home office in Dallas, TX. Priyanka started her career with Deloitte Tax in New York in 2012 and moved…
Supreme Court Denies Review of Tax Breaks for Big Tech Companies in Altera but the Controversy Continues
The Supreme Court denied a petition of certiorari in Altera v. Commissioner on June 22, 2020, a closely followed case from the Ninth Circuit concerning the validity of a 2003 Treasury regulation requiring participants to include stock-based compensation (SBC) as intangible development costs (IDCs) in cost-sharing arrangements (CSAs). Altera argued that Treasury violated the Administrative…
KBF Adds Jie Shao to its CTS Practice
Please join us in welcoming Jie Shao to KBF. Jie Shao is joining KBF as an International Tax Director, where she will be focused on growing and developing our Corporate Tax Services practice. Jie is a firmwide resource and will be assisting clients in all of the markets KBF serves. Jie has 17-years of public…
Proposed Reliance Regulations on Disallowed Transportation and Commuting Expenses
Background As amended by the Tax Cuts and Jobs Act (TCJA), Internal Revenue Code (“IRC”) Section (“Sec.”) 274(a)(4) disallows deductions for the expense of any qualified transportation fringe (QTF) as defined in IRC Sec. 132(f) provided to an employee of the taxpayer for amounts paid or incurred after December 31, 2017. The value of a…
Temporary California Net Operating Loss Suspension Signed into Law
History California has at times either restricted the ability of individuals and corporations to utilize the full carryover amount of net operating losses (“NOLs”) or completely suspended net operating loss deductions for business entities and individuals with business income in response to facing budgetary constraints. For example, in response to the global mortgage crisis that…
Multnomah County Reviewing Two Tuition-Free Preschool Measures for November Ballot – Both Seek to Tax High-Earners
Multnomah County has two tuition-free preschool measures that may go to the ballot this November. The first campaign, Universal Preschool Now, has received enough signatures to be considered by the Multnomah County Board of Commissioners. This campaign has been developed by an independent task-force group. The other campaign, Preschool For All, is developed by a…