The Corporate Transparency Act (CTA) is a federal law enacted as part of the Anti-Money Laundering Act of 2020 meant to reduce financial crime in small businesses across the United States. Specifically, the CTA requires that smaller, otherwise unregulated, companies file a report with the US Department of Treasury’s Financial Crimes Enforcement Network within their new Beneficial Ownership Secure System (BOSS), which the network may share with other government agencies and financial institutions who request it. The Act will come into effect on January 1st, 2024, for newly formed companies and on January 1st, 2025, for already existing companies.
You’re probably aware that Washington State is the first in the nation to implement a state-run long-term care trust to provide funds to residents to cover long-term care costs under the Long-Term Services and Supports Trust Act (“Washington Cares Fund”). We previously shared the details of the Act in one of our latest blogs. The... View Article
On May 28, 2021, the Treasury Department released the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals.” These proposals are also known as the “Green Book” for both the American Jobs Plan and American Families Plan. These proposals are in the very early stages, and there is no guarantee they will become law.... View Article
Tax changes can add an unwavering complexity, but proper timing and good advisors can keep you ahead of proposed tax changes. Trying to do your own taxes is not a simple endeavor, and as a business owner, it’s even more complicated. You’re not only concerned with payroll taxes or income taxes; you’re also concerned about... View Article
In late April 2021, Washington state lawmakers approved a new capital gains tax that takes effect on January 1, 2022. The bill imposes a 7% tax on long-term capital gains exceeding $250,000, such as on profits on the sale of stocks, bonds, and businesses. Supporters of the capital gains tax see it as a solution... View Article
Tax season is upon us. Americans and their advisors are trying to sort out the nuances of the recent federal changes including the Tax Cuts and Jobs Act (TCJA) of 2017 that applies to this year’s filings. However, the TCJA isn’t the only regulation complicating filings for businesses this year. New IRS rules regarding audits... View Article
Although we are often distracted at this time of year by fun family gatherings, vacation time, and holiday cheer and events, businesses often take this time to ensure they are ready to start the new year strong. Below are several areas we suggest businesses evaluate as they plan for a successful year: Financial goals. Your... View Article
Q: If a business owner takes one piece of information from this event home with them, what is the most important? Shahar: Taxes are not a “Dead End.” Planning and Financial maintenance is like health care. If you are proactive and take good care of how healthy and clean the business is – it will... View Article
The Seattle Paid Sick Time and Paid Safe Time Ordinance goes into effect on September 1, 2012. The Ordinance will require that employers with more than 4 full time equivalent employees provide to employees who work in Seattle specified amounts of accrued, job-protected paid time off for personal illness, family care and other purposes. Every... View Article
