On Friday, March 24, 2023, the Washington Supreme Court issued a ruling on the capital gains tax enacted in 2021. In a 7-2 ruling in the Quinn v Washington State case,…..
Author: Kevin Klinkman, CPA
Kevin has seven years of public accounting experience and has worked within a wide range of industries, with his focus in the field of professional services. He has worked with both individual and business clients on federal, state, and local tax compliance issues. Kevin has assisted clients with tax planning, return preparation, sales and acquisitions, due diligence, financial analysis and has experience advising small to medium-sized, closely-held businesses on matters including payroll, cash flow, accounting systems, and retirement.
Washington Capital Gains Tax ALERT – State Supreme Court Issues Stay on Lower Court Ruling
Over the past year and a half, the topic of whether a capital gains tax breaches state law has been quite contentious. There have…
Details on The Inflation Reduction Act of 2022
On Tuesday, August 16, 2022, President Biden signed the ‘landmark’ Inflation Reduction Act (IRA) into law. The Act includes $437 billion of appropriated funds and is expected to generate $737 billion in revenues over the next decade, resulting in a deficit reduction of $300 billion plus. A breakdown of…
Tax Provisions in the House’s Budget Reconciliation Bill
On September 13th, the House Ways & Means Committee released a listing of proposed tax changes to be included as part of the Build Back Better Act, the budget reconciliation bill Democrats are hoping to pass in the coming weeks. The tax provisions target large corporations and high-income individuals to…
Washington State Capital Gains Tax Enacted – Takes Effect January 1, 2022
The Washington State Legislature passed Senate Bill 5096 at the conclusion of the 2021 legislative session, enacting a state capital gains tax, which Governor Jay Inslee signed into law May 4, 2021. The tax is a 7% tax, applicable to net long-term gains on capital assets (stocks, bonds, business interests, and other…
American Rescue Plan Act signed into law – Tax provisions included
The third round of coronavirus relief legislation is intended to offer economic aid to businesses and self-employed, but also includes additional direct payments to and other forms of tax relief and credits for individual taxpayers. Key tax provisions have been outlined in this detailed post from Shannon & Associates…
Seattle Payroll Tax Effective January 1, 2021
On July 6, 2020, the Seattle City Council passed Council Bill (CB) 119810 implementing a variable-rate payroll tax or ‘payroll expense tax’ that applies to businesses with $7 million or more of payroll expense in the most recent calendar year. The tax is intended to assist with the affordable housing crisis, homelessness, and now the COVID-19 pandemic…
Shannon Alert – COVID-19 Economic Impact Payments
The impact of the 2019 Novel Coronavirus (COVID-19) pandemic has been significant, changing our daily lives at a rapid pace and presenting the economy with an unprecedented challenge. There has been a wave of relief efforts and legislation aiming to minimize the impact on business and individual taxpayers alike. Learn more in this detailed post from Shannon & Associates.
Washington Legislature Has Done It Again—Workforce Education B&O Surcharges Undergo Overhaul
On Feb. 11, less than 45 days after the Workforce Education Investment Act surcharges began Governor Jay Inslee signed S.B. 6492. This bill nixed the three-tier formula and completely overhauled the tax increase implementation.
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