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You’re in an enviable position if you’re a retail or industrial business in the Seattle Metropolitan area—at least when it comes to your occupancy costs. Commercial space exceeds demand in the local market and property owners are inclined to be accommodating.
On the other hand, if you’re a biotech company, you’ll find that office and lab space in Seattle is in very short supply. The cost of leasing space here is increasing and your ability to negotiate favorable terms is more (continue reading…)
Posted in Business Consulting Services, Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Real Estate Group, Retail Group, Technology Group
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Tagged Operations
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Does anyone really believe the old adage that says what you don’t know can’t hurt you? If you do, it’s probably costing you money.
Take your organization’s retirement plan. If you’re an employer with a 401(k), 403(b) or other qualified retirement plan, it’s your fiduciary responsibility to exercise care and due diligence with regard to your plan, and to act solely in the interest of your its participating employees. That includes monitoring fees and other costs to ensure that they’re reasonable (continue reading…)
Posted in Business Consulting Services, Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, Employee Benefit Plans, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Retail Group, Technology Group
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Tagged Compensation, Legislation
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If cats can claim nine lives, this has them beat. It’s the tax credit that wouldn’t, and arguably shouldn’t, die.
Initially created by the Economic Recovery Tax Act of 1981, the federal research credit was intended to expire after four years. And it did, but only temporarily.
Since 1981, the credit has expired and been revived, often retroactively, more than a dozen times.
Introduction to the Federal Research CreditDesigned to encourage investments in U.S.-based research and experimentation, the federal research credit can be claimed (continue reading…)
It’s an exciting time for the Wolff family. Laura, an only child, begins her second year of college this fall—and, for the first time, she’ll be living truly on her own.
As a freshman, Laura was required to stay in on-campus housing, at a cost of nearly $11,000 for basic room and board. This year, since she has the option, she’d rather live off-campus with two long-time friends in a shared house or an apartment.
Her parents are researching the cost and (continue reading…)
How easy would it be, after some forty or fifty years in the workforce, to overlook retirement benefits due from a long-past employer?
Very, as it turns out.
To avoid this eventuality, the Social Security Administration is charged with maintaining a database of information on individuals due retirement benefits from former employers. It is also charged with notifying these individuals—as they reach retirement age—about the retirement benefits they may be due.
For plan years beginning in or after 2009, the SSA gathers information (continue reading…)
Posted in Closely Held + Family Business Practice, Employee Benefit Plans, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Retail Group, Tax Services, Technology Group
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Tagged Business Tax, IRS, Retirement Planning
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Are the complimentary meals you provide your employees really free? Or are they given in exchange for services that employees perform at your restaurant?
The distinction is an important one for tax purposes: It plays a part in determining whether the value of those meals is subject to various Washington State taxes.
You may consider the meals you provide your restaurant’s employees to be complimentary. The State of Washington traditionally has not. And by requiring that such meals be treated as if (continue reading…)
We’re passionate about family businesses at Bader Martin, so we’re proud to once again sponsor the annual Washington Family Business Awards.
Seattle Business magazine’s 2011 Washington Family Business Awards program “recognizes and celebrates excellence in Washington State among family businesses.”
Nominations are accepted in three categories: small businesses (3 - 50 employees), midsize businesses (51 - 100 employees), and large businesses (more than 100 employees).
To be eligible for consideration, a family business must be majority controlled by one or more members of a single (continue reading…)
Your not-for-profit organization may now be a taxable entity for federal tax purposes, if you failed to satisfy the federal filing requirements passed as part of the Pension Protection Act of 2006.
Under the new rules, a not-for-profit organization that fails to file a required annual return with the IRS for three consecutive years automatically loses its federal tax exemption. The consequences can be catastrophic: They are required to pay federal income taxes. Any donations that individuals or corporations make to (continue reading…)
It’s one of those bad news/goods news things. Gasoline prices are up significantly, increasing the cost of operating an automobile. That’s the bad news.
The good news is that the standard mileage rates used to calculate federal income tax deductions have increased for the final six months of 2011, resulting in larger deductions.
According to IRS Commissioner Doug Shulman, “This year’s increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, High Net Worth Practice, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Personal Wealth Planning Services, Professional Practices Group, Real Estate Group, Retail Group, Tax Services
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Tagged Business Tax, IRS, Personal Tax
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Newly expanded electronic filing requirements become effective next month for certain businesses paying Washington State combined excise taxes.
The federal unemployment tax rate—used to fund unemployment insurance at the state level—is slated to decrease at the end of the month when a temporary surcharge expires. Unless Congress acts to extend the surcharge, employers will be subject to additional recordkeeping requirements this year.
Many Washington businesses pay more in personal property taxes than absolutely necessary as a result of outdated asset records.
If you’re (continue reading…)
Posted in Accounting Services, Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Real Estate Group, Retail Group, Tax Services, Technology Group
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Tagged Business Tax, State + Local Tax
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