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.

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