The Internal Revenue Service has announced federal tax relief for individuals and businesses in parts of Washington State affected by severe storms, straight-line winds, flooding, landslides, and mudslides that began…..
Topic: Tax
IRS Moving to Electronic Payments
The Internal Revenue Service has issued IRS Fact Sheet FS-2026-02, offering answers to common questions about Executive Order 14247, which directs the federal government to modernize how payments are made…..
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…..
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…
New Mandatory Payroll Tax Related to Long Term Care
There is a new mandatory payroll tax that will affect nearly all employees in the state of Washington. This long-term care (LTC) tax has not yet raised a lot of attention but is fast approaching. The Employment Security Department (ESD) created the WA Cares Fund that is administering this new payroll tax.