Tayiika M. Dennis, CPA

📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/FrHc30sGwEz #Seattle #WA #TaxCompliance

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Great update today from the AICPA on the nonprofit industry! A few key takeaways… 1.      Processing of ERC refunds is taking at least 12 months or longer. If you filed an ERC claim prior to last September, you can call to check on the status to make sure it was received, but a 12 month wait is pretty common. 2.     Letters mailed to the IRS to request abatement of Form 990 late filing penalties are taking up to 9 months for the IRS to respond. 3.     IRS nonprofit focus of audits and inquiries: a.     Proper worker classification. There has been an increase in IRS audits of nonprofit organizations related to classification of workers as employees vs. independent contractors. b.     Backup withholding procedures. IRS wants to be sure that if a nonprofit is working with a contractor, and the contractor does not provide an appropriate EIN, then the nonprofit needs to withhold backup withholding for the contractor’s taxes. c.     Unrelated Business Income (UBI) is still a hot topic:             i.     If a nonprofit has a new revenue stream, be sure the nonprofit has performed an analysis to make sure the new revenue should not be reported on Form 990-T as UBI.             ii.     Siloing of UBI. Nonprofits that report UBI need to ensure they are reporting the revenues and expenses for each separate source of UBI on a separate Schedule A on Form 990-T.              iii.     Miscellaneous income amounts over $1,000 will be scrutinized as potential unreported UBI. d.     For insider and related party transactions, make sure the nonprofit and the Board have documented why the insider transaction is in the best interest of the nonprofit organization. Ensure this has been clearly documented in Board minutes before entering into the transaction. #nonprofitleadership #nonprofitmanagement

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Segment reporting changes are coming – Are you prepared? FASB's ASU 2023-07 introduces new disclosure requirements for public entities. Learn more about the updates via BDO. https://bit.ly/402K7yE

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The AICPA's Professional Ethics Executive Committee (PEEC) is proposing changes to the tax services rules with respect to independence. As part of their IESBA convergence, the rules address the potential advocacy threats created by providing tax advisory services to attest clients. Comments are due by September 10, 2024. #ethics

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📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/b7i930sGrAo #Seattle #WA #TaxCompliance

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📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/Xg9c30sGrHh #Seattle #WA #TaxCompliance

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📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/Q6jr30sGwo7 #Seattle #WA #TaxCompliance

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📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/lt8k30sGwKx #Seattle #WA #TaxCompliance

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📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/naNQ30sGwsb #Seattle #WA #TaxCompliance

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Not-for-profit accounting professionals! DM me for a code for $100 off your registration for this year's AICPA Conference. This year's AICPA & CIMA Not-for-Profit Industry Conference on June 17-20, 2024, is available both in-person at Gaylord National, National Harbor, MD, and virtually. Among a strong lineup of speakers presenting on not-for-profit industry updates, the latest technical topics, and ideas on how to pursue your mission with confidence, my colleauge Ed Barrow I will be presenting on behalf of The Alliance Group, "Is Your Company Worth Quitting For?" which explores: 1) insights into what candidates are seeking in their job search, 2) how to do a self-assessment to determine how your organization can best present itself in a competitive hiring environment, and 3) how to leverage these insights to retain existing employees. It should be a dynamic and conversational talk! I hope you can make it. Registration link in the comments + $100 off when you apply my code (DM me for details!) #NFP #nonprofit #AICPA #CPE #accounting #conference #AICPACIMAConference #NonprofitExcellence

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When a movement gains enough momentum, it cannot be stopped. When the movement against Joe Biden's mental acuity reached a fever pitch, it didn't matter that only he had the power to pull himself out of the race. When the movement against the National Association of Realtors' business practices surrounding commissions reached a fever pitch, the NAR was forced to settle in court to change their ways. And, when the movement against the 150-hour rule reaches it's fever pitch, the arguments around mobility and substantial equivalency won't matter. As Amber Setter, PCC notes, we're likely at or very near the tipping point of unstoppable momentum. When the way something is can't be justified through honest, first principles-based reasoning or when the reasoning something supposedly "can't be" hinges primarily on a fear-based argument designed to silence the petitioner...it's only a matter of time before the tsunami of change crushes the old guard who desperately clutches to the status quo. The old guard of the traditional accounting firm pyramid scheme is unable to save themselves from the tsunami of modern, people-centric firms and tech that's nearing the shore. They ignored the evacuation orders because they had too much to lose. Now, some are seeking shelter in Private Equity while others are sheltering in place. The tsunami is coming and those who don't survive have only themselves to blame.

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This past July, the AICPA's National Pipeline Advisory Group (NPAG) related its Accounting Talent Strategy Report to address the accounting talent shortage. This report was based off of data collected from a national pipeline survey, focus groups with state societies and firms, and discussions with professional and regulatory bodies. More than 7,950 students and accounting professionals took the national survey, and more than 1,600 people participated in the focus group. The report analyzes the root causes of the accounting talent shortage, potential solutions, and next steps forward. #Pipeline #NPAG

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Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/gKTYp_SU #SALT #BusinessFinance #TaxCredits

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