On November 30, 2022, the Washington Supreme Court approved a request to allow the Washington Department of Revenue to implement and collect the new Washington capital gains tax. The new tax that was originally supposed to be implemented January 1, 2022, but a Washington Superior Court ruled the capital gains tax “unconstitutional” and therefore invalid earlier this year. The state then appealed to the Washington Supreme Court. The Washington Supreme Court has not made a final decision whether the new capital gains tax is unconstitutional and is currently set to hear oral arguments January 26 ..read more

Delap is pleased to announce that the Portland Business Journal has named the firm one of Oregon’s Most Admired Companies of 2022. Delap was ranked #21 on the 2022 list of Oregon’s Most Admired Companies in the law and accounting firms category. The mission of the Oregon’s Most Admired Companies awards is to recognize outstanding companies in the region. The rankings are based on surveys the Portland Business Journal sends to CEO-level executives in Oregon and Southwest Washington. Each CEO selects three companies they most admire in 10 industries, as well as three companies they admire most ..read more

Delap has been named a 2022 Top Workplace by The Oregonian Media Group. This is the seventh year running that Delap has achieved this honor, this year ranking #22 out of 51 midsize Oregon and SW Washington employers. Additionally, Delap was one of 15 employers to receive a special award this year: the Training award, for employees’ satisfaction with career training opportunities. The Top Workplaces awards are based solely on employee feedback gathered through a third-party survey administered by Energage, a research company that specializes in organizational health and workplace improvement ..read more

As a business leader, you want to realize your company’s growth potential. Check out these three financial mistakes many companies make. By learning about these mistakes, our hope is that you will not only avoid them but also move to maximize your business success. Financial Mistake #1: Lack of a Plan Running a business without a financial roadmap is kind of like planning a trip and leaving the GPS, map, and smartphone at home. There’s a chance you’ll reach your destination, but it’s more likely that you’ll use a significant amount of excess fuel doubling back and changing direction durin ..read more

What kind of shape is your company really in? As discussed in Key Performance Indicators (KPIs): How to Measure Your Business Success, there are many kinds of key performance indicators and ratios you can use to measure and track your company’s success. These can be financial ratios or non-financial ratios and can track everything from liquidity, solvency, profitability, internal employee satisfaction, external customer satisfaction, internal processes, and business development goals. However, too many options can often be overwhelming, and it may be hard to know exactly where to start. Below ..read more

For tax years beginning on or after January 1, 2023, Metro, Multnomah County, and the City of Portland have adopted changes to their tax codes to conform more closely to Oregon’s apportionment statutes. The apportionment rules to source income from services and intangible assets have been updated to adopt Market Based Sourcing rather than the previously used Cost of Performance Sourcing. Historically, the jurisdictions sourced sales other than sales of tangible personal property based on where the income-producing activity occurred. This change means that the jurisdictions will now source inco ..read more

With supply chain challenges and increasing inflation wreaking havoc on the cost of inventory, business leaders might be looking to better understand their own inventory costing methods and whether they should make a change. However, it is important to know the answers to a few key questions prior to making any change to your business’s inventory costing method. 1. What are the inventory costing methods available to choose from, and what are the pros and cons of each? A company must adopt an inventory costing method that should be applied consistently each year (certain requirements exist when ..read more

In this episode of Success That Lasts, Jared Siegel discusses the power that narratives hold over us when making financial decisions and how to think more empirically. He talks about the roles that skill and luck have in investing as well as in various aspects of life. Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts: Here are a few highlights from the episode: “After a career of helping people make financial decisions, one thing is overwhelmingly clear to me: people are not calculators, they’re storytellers,” Jared claims. Humans are biologically wired to connect c ..read more

On July 2, 2022, the Delap office will temporarily close for an interior remodel. The remodel project has been in the works for months, and we are excited for the improvements that will allow our firm to better invest in our clients, our team, and our community. Renovations will include an updated reception area as well as new and improved conference rooms that will improve our ability to serve our clients in a comfortable and hospitable environment. The project is scheduled to last a few months, with the office anticipated to reopen sometime around the holidays. We will continue to assist our ..read more

Michael DiJoseph is senior strategist in the Investment Advisory Research Center at Vanguard. He is a Certified Financial Analyst and volunteers as a member and secretary on the Board of Trustees at the Province of St. Thomas of Villanova Support Fund. Michael joins Jared Siegel to discuss the value of an advisor. Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts: Here are a few highlights from Jared’s conversation with Michael DiJoseph: Vanguard Advisor’s Alpha found that advisors adhering to a holistic wealth management framework could add about 3% per year in annu ..read more