B.A. Harris Blog

We are moving!

Dear Valued Clients, We are pleased to share with you, we are moving!! Since we first opened for business in 1998, your loyal support and referrals have helped us grow, and we needed more space to serve you better. We have been looking for a new home and are excited to inform you we found it. November 6, 2019 will be our final day operating at 960 Broadway Avenue. We will open our doors in more spacious and comfortable surroundings on Monday, November 11, 2019.

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Oregon Passes New Corporate Activity Tax (CAT)

On May 16th Oregon Governor Kate Brown signed House Bill 3427 which imposes a gross receipts tax (Corporate Activity Tax or CAT) on businesses with gross receipts in excess of $1 million, effective for tax years beginning on or after January 1, 2020. The Corporate Activity Tax includes a flat tax of $250 on the first $1 million of “taxable commercial activity” (the calculation of which is discussed below), plus 0.

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Best of Treasure Valley – Runner-up

We are very excited to announce that we were runner-up to Eide Bailly in the annual best of Treasure Valley vote for best accounting firm. We appreciate each and every one of you who took time to vote for us this year. We look forward to providing all of our clients with outstanding service in the year ahead and hopefully we can come out on top next year! B.A. Harris

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Unallocated Job Costs

Chances are your construction company is underestimating the cost on each specific job. The process of obtaining bids and estimating project costs is straight forward when it comes to direct expenses such as subcontractors, direct materials, and direct labor. Those direct costs provide a guide to profitability from job to job but don’t account for the overall cost of doing business. So, while a 10% gross profit margin per job seems obtainable, by year end when all Costs of Revenues are accounted for gross profit might be just 5%.

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Gain Exclusion on Sale of Personal Residence

  Thinking about selling your primary residence? With the rise in real estate prices, many taxpayers may be looking to sell their primary residence and cash in on the gain. If this has been your principal residence and you have owned it for a period of at least two out of the last five years, you can exclude a nice portion of the gain. Single taxpayers or those married filing separately can exclude up to $250,000.

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