Year-end is an ideal time for business owners to review financial performance, understand the impact of new tax legislation, and ensure their business remains tax-efficient going into 2025. This summary…..
Category: Tax and Accounting
“One Big Beautiful Bill” Signed into Law by President Trump
The House approved the “One Big Beautiful Bill Act” (OBBBA) in a 218-214 vote, after the Senate approved it July 1st by a 51-50 vote, with Vice President JD Vance…..
New Beneficial Ownership Reporting Requirements Starting January 1, 2024
Starting on January 1, 2024, certain domestic and foreign entities are required to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). The reporting will contain…..
Big Changes Are Coming to Form 5500 for 2023
Changes are coming to the Form 5500 for the 2023 plan year. These changes are part of the Form 5500 Modernization Initiative that was announced back in 2016. If you…..
Client Advisor – Winter 2021
Shareholders of S-Corporations, as We Move Into December, There Are Two Things You Need to Do. Shareholders who own more than 2% of the shares in the S-corporation are required to report health insurance premiums paid on their behalf by the business on their W-2. This is a valuable deduction and must be reported correctly to take…
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…
Oregon Corporate Activity Tax – DOR Issuing Notices
The Oregon Department of Revenue (DOR) has recently begun issuing notices regarding the Oregon Corporate Activity Tax (CAT) to taxpayers with business activity within the state. The CAT is effective for tax years beginning on or after January 1, 2020, making 2020 the initial year of implementation.
Have a Side Gig? What You Need to Know About Paying Taxes.
An increasing number of people are taking advantage of opportunities to earn extra income with side jobs or “gigs”. Do you have a Side Gig? If so, this blog post details what you should know about paying taxes in the expanding gig economy.