Trump Accounts officially opened for funding on July 4, 2026, and the IRS closed out June with guidance that removes a major planning headache for families. Here’s a quick update…..
Author: Elizabeth Hutchison, CPA
For more than 18 years, Elizabeth has partnered with clients of all sizes, bringing a wealth of tax expertise shaped by her experience with both boutique and large firms. While her foundation is in tax, Elizabeth’s role often extends far beyond compliance—guiding clients through business transitions, personal financial changes, and strategic tax planning in collaboration with financial planners and investment advisors.
IRS Extends Washington Disaster Tax Relief Deadlines to August 5, 2026
The IRS recently expanded and extended disaster tax relief for taxpayers impacted by the severe storms, flooding, landslides, and mudslides affecting Washington State. Eligible individuals and businesses in FEMA-designated counties…..
New Washington Millionaire Tax: Big Changes Coming
The State of Washington legislature has passed a significant new tax law (SB 6346) that introduces a state-level personal income tax on high-income individuals beginning in 2028. The bill has…..
A New Savings Opportunity for Children: What to Know About Trump Accounts
A new type of child savings account, called a Trump Account, was recently introduced under federal law. The IRS has released initial guidance, and while more details are still coming,…..
IRS Provides Tax Relief for Washington Storm-Impacted Taxpayers
The Internal Revenue Service has announced federal tax relief for individuals and businesses in parts of Washington State affected by severe storms, straight-line winds, flooding, landslides, and mudslides that began…..
IRS Moving to Electronic Payments
The Internal Revenue Service has issued IRS Fact Sheet FS-2026-02, offering answers to common questions about Executive Order 14247, which directs the federal government to modernize how payments are made…..
Short-Term Rental “Tax Loophole” Claims: What You Need to Know
Recently, TikTok and other social media platforms have circulated videos claiming that a “new law” created a major tax loophole for short-term rental (STR) owners—allowing large deductions, bonus depreciation, and…..
What Restaurants Need to Know: New “No Tax on Tips” and “No Tax on Overtime” Rules (2025–2028)
We wanted to share a quick update on two new federal tax changes that affect restaurant businesses — especially those with tipped or hourly staff. Key Changes from the 2025…..