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,…..
Topic: Capital Gains
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…
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…
Biden Tax Plan – What You Need to Know
Now that the 2020 general election is over, it is time to consider what federal tax changes President-elect Biden would like to see for 2021 and beyond. Even with the Democrats in control of the Senate, the odds of dramatic tax reform may still be low. Some Democratic Senators, who will be up for re-election in 2022, may be reluctant to support a…
IRS 2018 Schedule D Worksheet Error
It is always alarming to receive a notice from the IRS. If you had capital gains activity reported on the 2018 Schedule D Tax Worksheet an error may result in an IRS notice for…
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