News
2021 KBF Partner Promotion
KBF CPAs LLP is pleased to announce the admission of Darin Pretti as a partner of our firm. With more than 13 years of public accounting experience, Darin has spent his career providing tax and accounting services to both public and private clients across a diverse range of industries. In his role at KBF, Darin…
Read MoreCOVID-Related Tax Relief Act of 2020 Implications When Reevaluating Year-End Valuation Allowance for Deferred Tax Assets
As the calendar year comes to an end, companies are scrambling to finish their year-end tax planning. Assessing valuation allowances for deferred tax assets (DTAs) is complicated and requires a lengthy process to ensure accuracy. This year, valuation allowances have been difficult to evaluate. The global pandemic, the CARES Act, and now the COVID-Related Tax…
Read MorePresident-elect Biden’s Tax Plan – Tax Implications of a Changing Administration
Although appeals continue in the courts, former Vice President Joe Biden is well into his transition plan to assume the Presidency. Additionally, as of December 1, Democrats have secured a majority in the House of Representatives. Control of the Senate will be finalized after the Georgia runoff election, but the Republicans currently hold a 50-48…
Read MoreAccounting for Income Taxes–A Path Towards Simplicity–ASU 2013-11
To download a PDF version please click here Generally Accepted Accounting Principles (GAAP) 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…
Read MoreIRS Releases Guidance in FAQs Regarding the Interaction of PPP Loans and the Employee Retention Credit in M&A Transactions
The Internal Revenue Service (IRS) recently updated its FAQs page and released guidance for parties engaging in mergers and acquisitions (M&A) in 2020. Because of the COVID-19 pandemic, businesses took advantage of multiple stimulus programs in the CARES Act in order to keep their doors open. One of the most popular stimulus programs, the Payment…
Read MoreIRS Form 1099-MISC & 1099-NEC—A New Filing Requirement for Independent Contractor Payments
Traditionally, taxpayers have used Form 1099-MISC to report certain payments to the IRS, including payments made to independent contractors. Form 1099-MISC has been redesigned, and employers will now report all non-employee compensation paid to independent contractors on Form 1099-NEC. Although taxpayers will no longer report non-employee compensation in Box 7 of Form 1099-MISC, taxpayers must…
Read MoreOECD Releases BEPS 2.0 Blueprint
At the beginning of 2020, the Organization for Economic Co-operation and Development (OECD) expected to complete its global taxation transformation known as “BEPS 2.0” by the end of the year. However, with the COVID-19 pandemic and U.S. dissatisfaction with the direction of the initiative, negotiations stalled. As the year draws to a close, the OECD…
Read MoreMultnomah County Voters Reject Metro Payroll Tax; Approve Universal Preschool Measure
Portland-area voters rejected the Metro Council’s payroll tax on employers (Measure 26-218). The measure failed by a 57% to 43% margin. Conversely, Multnomah Country approved the Preschool for All Program (Measure 26-214). The measure passed convincingly, earning just over 64% approval. Metro Payroll Tax The proposed payroll tax would have levied a tax up to…
Read MoreNew 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.…
Read MoreCurrent 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…
Read More