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,…..
Type: Shannon Alert
Hot Topic: Leases ASC 842 – Technical Summary and Key Decision Points
As you may know, as the result of a joint project with the International Accounting Standards Board (IASB), the Financial Accounting Standard Board (FASB) issued Accounting Standards Updates (“ASU” or…..
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…
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 the S-corporation are required to report health insurance premiums paid on…
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…
Alert: Year-end Reminder – Winter 2020
Don’t lose valuable deductions or incur additional costs. Special Reporting Required: The IRS requires special reporting for fringe benefits for S- Corporation owners who own more than 2% of the business. Certain family members including spouse, child, parent and grandparent of the S-Corporation owner and who works for the S-Corporation are also…
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.
Estate Tax Planning: It is Time To Do Some Work
If your estate as a married couple is worth more than $10 million dollars (or if you are single and your estate is worth more than $5 million), it is time to review your estate planning documents. Under current federal estate tax laws, a married couple can die with $23.18 million dollars and not pay any federal estate taxes. That may…
Employment Security Department Provides Opportunity to Offset Benefit Charges
In March 2020 the state of Washington passed a law allocating $25 million to the COVID-19 Unemployment Account. This is not a refund or reimbursement but an offset against benefit charges instead of charging them to your…
Alert! Anticipated Major Changes to PPP Finally Here
The Paycheck Protection Program created by CARES has been a key piece of relief for businesses impacted by Covid-19. However, the SBA and Treasury’s 8-week limitation to use the funds and 75% requirement to spend the funds only on “payroll costs” (as defined) has caused unnecessary hardship for businesses already hurting and which are greatly in need of funds. Learn more here.