The Tax Court recently reached a decision in the valuation issues of the Estate of James Elkins, which held over 60 works of art.

In the case, Estate of Elkins, 140 TC No. 5, the court determined the value of certain undivided interests in the art and considered the impact of Section 2703(a)(2) of the Tax Code with respect to certain restrictions on sale in a cotenants’ agreement.  The art included works by Pablo Picasso, Henry Moore, Jackson Pollock, Paul Cezanne, Jasper Johns, Ellsworth Kelly, Cy Twombly, Robert Motherwell, Sam Francis, and David Hockney. Read the rest of this entry »

We are proud to announce Ron Nagle, CPA as a new Shareholder of the firm, effective immediately.

“Ron embodies the firm’s guiding principles of Caring, Mutual Respect, Trust and Integrity and leads by example both within the firm and the community,” said Rick Head, Shareholder and CEO. “We are proud and honored to have him join the owner group.” Read the rest of this entry »

We are proud to welcome Marney Zellers to the firm.  Marney is a restaurant professional with over 20 years of experience managing all aspects of restaurant operations and financial practices.  Marney provides support to restaurants and clubs in reaching sales and profit goals with customized practical strategies, including operations practices, service standards, staff morale, community relations and more. Read the rest of this entry »

Clothier & Head is pleased to announce Megan Gohl has joined the firm as a Tax Manager.

Megan brings several years of experience in tax planning, consulting and compliance for corporations partnerships, individuals and fiduciaries.  Read the rest of this entry »

The “fiscal cliff” was averted on January 1, 2013 when Congress created and passed The American Taxpayer Relief Act of 2012. Read the rest of this entry »

The IRS and Treasury have issued comprehensive regulations related to the capitalization of amounts paid to acquire, produce or improve tangible property. The regulations, released at the end of 2011 and effective immediately for most taxpayers, provide the standards that businesses must now apply to determine whether expenditures can be deducted as repairs or must be capitalized and then recovered over a period of years. These new regulations will require many taxpayers to file for a change in accounting method.

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The City of Seattle is getting ready to implement the new Seattle Paid Sick and Safe Time (PSST) benefit program on September 1, 2012.  We have included a brief summary of the details:
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As we enter the 4th quarter and the rush of planning that will take place at year-end, we are thrilled to announce the expansion of Clothier & Head’s valuation practice.

Laura Fox, a tax manager at Clothier & Head, joined the Valuation Department earlier this summer.  During her time as a tax manager, Laura expanded her focus to include valuation and specifically gained experience in business assets for gift and estate purposes, acquisition, strategic planning and employee stock ownership plans. Read the rest of this entry »

Congratulations to our own, Amber Busch, for being named as one of the Puget Sound Business Journal’s 40 Under 40 honorees for 2012.  Amber was selected from over 400 nominations of individuals exemplifying outstanding achievements in their careers and community throughout the Puget Sound region.  Amber is passionate about serving clients and her community, and we are so proud of all her noteworthy accomplishments.  Read the rest of this entry »

On June 28th, in a 5-4 decision, the Supreme Court upheld the Patient Protection and Affordable Care Act of 2010.

One of the key provisions in question, the individual mandate which imposed a fee on individuals who did not purchase adequate health insurance coverage, was determined to be a tax that the government had the power to impose. Most other provisions in the law will remain in place unless they are repealed by Congress. Read the rest of this entry »