Back in July, we told you about a new Long-Term Care Tax that was passed by the state legislature and slated to begin in January of 2022. The mandatory payroll tax has hit a lot of opposition along the way, but was officially put on ice on Friday with Governor Inslee’s announcement that the January 2022…
Type: Blog Post
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…
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.
Is your CPA asking you the right questions?
You might be thinking there’s a mistake in that title. After all, aren’t YOU supposed to be the one asking questions of your CPA and not the other way around? In truth, if you listen carefully to what your CPA is asking you when you meet, you’ll learn who they are and what their priorities are for you and your business. For example, your CPA…
Help is Here for Struggling Restaurants (Under The American Rescue Plan Act)
Help is here for struggling restaurants. The ARP Act authorizes the SBA to provide assistance to eligible entities and their affiliated businesses to cover pandemic-related losses in the form of Grants under the Restaurant Revitalization Fund (RRF). The maximum grant per entity is $10 million per physical location and…
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…
Updates to Employee Retention Credit Are Great News for Employers – Allowing Retroactive Credits for 2020
The employee retention credit (ERC) is a provision of the CARES Act and is a tax credit allowing qualified employers to receive a refund of payroll tax deposits made in 2020. This credit is helping many of our clients who were either shut down by Governor Inslee’s…
6 Big Reasons Your Small Business Should Hire Full-Service CPA Firm
You might think you don’t need a full-service CPA firm, that your bookkeeper is enough, and you only need an accountant at tax time. I’m sure you’re familiar with the phrase, “penny wise, pound foolish,” so you should know that a full-service accounting firm can help you with all aspects of your company and help…
Employee Retention Credit 2021
The Consolidated Appropriations Act (CAA) passed December 27, 2020, makes major changes to the Employee Retention Credit (ERC). The ERC is available on qualifying wages paid during the first two quarters of 2021 which meets the following test. The Company has more than a 20% decline in gross revenue comparing the same quarter of 2021 to 2019. For example…