Blog

The Tax Structure Work Group is considering recommending that the legislature replace Washington State's B&O tax with what many are calling a Texas-style margin tax. How close is this to becoming a reality? Mike Nelson, WSCPA Manager of Government Affairs, takes a look at the current state of the margin tax proposal.

The initial guidance for 529 plans was issued back in 2005. Since then, there have been significant changes to how plans are run. The AICPA's Professional Ethics Executive Committee had received feedback and in the Work Plan looked at reevaluating the area. In September 2022, they issued a technical correction to make the safeguard easier to apply for holders of 529 plan investments.

FASB has issued a new ASU relating to supplier finance programs. Prior to this ASU, there were no explicit disclosure requirements and users requested more understanding of these types of financing. The new ASU provides disclosures to provide more insight for financial statement users.

Quarter 3 of 2022 is in the books. Find out which accounting and auditing (and ethics) standards were issued by standard setters this past quarter.

Washington CPA Foundation scholarship applications for the 2023-2024 academic year are now open! Whether you’ll be a first-year college student in fall 2023, a PhD candidate, or anything in between, there is a scholarship waiting for you.

The FASB has issued ASU 2022-03 which is a niche standard providing clarification around restrictions on sale and their impact on the determination of fair value. The standard also includes an update to an illustration and new disclosure requirements.

SAS 148 updates AU-C 935 for recent changes in SASes 142 and 145 which made the appendix out of date. AU-C 935 is used for Compliance Audits and helps auditors understand how to leverage the other AU-C sections when addressing noncompliance in lieu of misstatement. Changes impacting AU-C section 501 is aligned with the effective date of SAS 142. All other amendments in SAS 148 align with the effective date of SAS 145.

Here we are again – post-renewal time for the 2022 renewal crowd. You made it! You are renewed for another 3 years – nicely done! But just because your renewal is complete, doesn’t mean that your business with the Board is done for the year.

The AICPA's Tax Executive Committee has proposed changes to the Statements of Standards for Tax Services (SSTSs). The proposal has two parts. Part 1 is an Exposure Draft of proposed revisions to the SSTSs. Part 2 is an Invitation to Comment on how the AICPA could potentially introduce quality management in the tax realm. Comments are due by December 31st.

What is and isn’t working as people trickle back into the office in a post-pandemic world? Three CPA firm partners weigh in on why listening to staff is more important than ever as we try to get back to business as usual.

Due to the historic amount of federal pandemic funding, the AICPA Government Audit Quality Center (GAQC) is gathering auditor feedback on how it can best support auditors who work with single audits. If you are work with single audits, please complete this short survey.

The Office of Finance has evolved to become a key player in supporting strategic business decisions that reaches beyond day-to-day number crunching and Excel spreadsheets. While these tasks are important, technological advances can help CPAs save time and focus on being a strategic business partner that adds value across the entire enterprise.

Since March 2020, legions of employees have been working from home with nearly unfettered access to company information. Some of that information may be regarded as trade secrets. As more companies offer hybrid or fully remote work environments, the effort to protect these trade secrets will grow as a concern.

The FASB has issued their 2021 Agenda Consultation Report to provide an update on how the feedback received from their ITC last year influenced the current standard setting agenda. The report provides insight into the top priorities of various stakeholders and the ultimate decisions of the board based on the feedback.

2022 was the first renewal period in which individuals renewing their CPA license were required to report their completed CPE through the Board’s new CPE Tracker, which is located within the online licensing system. Read on to find out what your colleagues learned.

We may be “comfort centered” most of the time—doing what we know how to do and avoiding things that make us leave our comfort zones. When we force ourselves to clarify what we want, we are able to be what Robert E. Quinn calls “results centered.” The result? We will become more energized and optimistic. Find out how the WSCPA is working to envision a results centered future.

As you come back to school for the fall, you’re sure to be invited to Meet the Firm events and Career Fairs. Whether you’re new to these events or a seasoned pro, the WSCPA wants to make sure you have positive interactions with firm representatives and recruiters. Here are 7 tips for getting the most out of any Meet the Firm events you plan on attending.

While the profession has navigated through the health and economic turmoil of the last few years, the WSCPA Advocacy Team has spent the last several months monitoring the legislative session and preparing for the future.

The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022.

It’s official! The WSCPA office—the home of Washington CPAs—has moved to our new location.