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…..
Category: Tax
2025 Year-End Tax Planning for Individuals
As we close out the year, it’s important to understand how new federal tax rules and upcoming changes may affect your personal financial strategy. This overview highlights key opportunities, deductions,…..
“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…..
Important 2024 Year-End Tax Planning Actions for Businesses
With the year-end quickly approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next. Based on the results of…..
Important 2024 Year-End Tax Planning Actions for Individuals
With the year-end quickly approaching, it is time to start thinking about moves that may help lower your tax bill for this year and next. Based on the results of…..
Important End of Year Tax Planning Considerations, News for Shareholders of S-Corporations, and more!
Shareholders of S-Corporations, as We Move Into December, There Are Two Things You Need to Do Self-Employment Health Insurance Deduction Shareholders who own more than 2% of the shares in…..
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…..
UPDATE: Washington Supreme Court UPHOLDS State Capital Gains Tax
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,…..
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…
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…