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
This week the Washington Department of Revenue will require some out-of-state businesses (remote sellers) to collect sales tax. A remote seller who, during the current or previous year, has at least $100,000 in retail sales to Washington consumers or at least 200 separate transactions with Washington consumers is required to collect and remit sales taxes.... 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
On June 21, 2018, the United States Supreme Court issued a significant ruling that impacts online retailers regarding online sales taxation. In South Dakota v. Wayfair, the Court overruled prior Supreme Court rulings that prevented states from collecting sales tax from retailers that didn’t have a physical presence within their state. The Court ruled that... View Article
As of March 19, the Washington Department of Revenue is changing their e-filing system, which will affect how taxpayers file their tax returns. The new portal will allow business owners to access both tax and licensing accounts in one location. Accounts will now require a Secure Access Washington (SAW) login, which many businesses already have... View Article
On December 7, 2016, the Portland City Council approved a tax on certain companies that pay their CEOs 100 times or more what their average employee makes. This surtax is the first in the nation of its kind and its purpose, per the ordinance, is to address income equality. Note that the surtax, added to... View Article
Often in our practice we hear business owners talk about the “fair market value” of their business, or speak of obtaining a valuation of their business as a definitive answer. Business owners often have the perception that a valuation is absolute, objective, and definitive. It’s the final word, right? Far from it. We learned... View Article