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November 2009 - Vol 1, Issue 15

Greetings!

BP results is an e-newsletter for industry professionals who provide vital financial and legal services for our mutual clients. So that you may identify similar opportunities in your practice we are sharing with you recent successes we've had with our clients.
In This Issue
Helping 41,000 Construction Contractors
Planning opportunity saves over $2 Million
Meet the Authors
Direct Links
 
State and Local Tax Services
425.289.7609
 
425.289.7618
 
Allan Vander Hamm
Business Valuation and Transition Services
425.289.7613
 
Forensic, Litigation and Investigation Services
425.289.7617
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Helping 41,000 Construction Contractors
 
Berntson Porter helped prevent passage of a legislative bill in a form that would have prohibited construction contractors from making purchases exempt from sales tax. Now that a more favorable law has been passed, we are part of the Washington Department of Revenue's stakeholder group determining how to implement the new Reseller Permit system. We collaborated with The Association of General Contractors by co-presenting with speakers from the Department of Revenue at a series of sold-out seminars around the state to inform image: dictionary, definition of legislationcontractors about the Reseller Permit requirements. Darcy Kooiker was recently quoted in the Puget Sound Business Journal about the effect of this law.
 
Result #1: By fighting for a more fair law for the construction industry, assisting the Department of Revenue to create the best possible implementation and educating people about the change, Berntson Porter helped 41,000 construction contractors operating in Washington make a smooth transition from resale certificates to Reseller Permits and can seamlessly continue to purchase materials and subcontractor services exempt from sales tax.
 
For more information contact Darcy Kooiker, CPA, Principal, Director of State and Local Tax Services at dkooiker@bpcpa.com or 425.289.7609.


 
 
Planning Opportunity Saves Over $2 Million
From a business perspective, a comprehensive estate plan ensures that your client's business will transfer to the successors they have chosen without financial or personal hardship to the business or its chosen successors. From a personal side, estate planning is for your clients' loved ones.
 
Result #2: A client whose estate consisted of only liquid assets asked us for some estate planning ideas. We advised the client about the issues and opportunities with family investment companies. We also advised the client of the risk that discounts afforded to passive family investment companies might no longer be available after the 2009 tax year. These clients and their children decided to work with their estate planning attorney to form a family investment company. The children contributed assets, including investment real estate, of their own. The estimated estate tax savings of this planning exceeds $2 Million.
 
For more information contact Brinette Rounds, Attorney at Law, Director of Estate Planning Services at brounds@bpcpa.com or 425.289.7618.
Meet the Authors - Call for Details
 
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Darcy:
November 12 - "Don't Win the Bid for the Wrong Reason" and "Hot Topics in Washington Taxation" hosted by Construction Finance Managers Association and Washington Society of CPAs.

November 18 - "Reseller Permits" hosted by South Sound Construction Finance
Managers Association.

Doug:
October 22 - "Detection and Prevention of Fraud in the Workplace" hosted by Washington Employers.

 
Allan:
October 21 - "Estate & Succession Planning for the Closely-Held Business" hosted by the Washington Association of Accountants.

October 22 - "How to complete a successful business purchase or sale" hosted by Berntson Porter, Peterson Russell Kelly, Partner on Call Network and Frontier Bank.
 
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