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
The Long-Term Care Act, passed in May of 2019, mandates a new uncapped 0.58% payroll tax on employee wages. The tax will create a Long-Term Care Trust Fund to fund the Long-Term Services and Support Trust Program. The program will help supplement long-term care costs, such as assisted living expenses. While the program’s specifics are... 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
Our Equinox Focus Event last week “Tax Update: What You Need to Know for 2012 (and 2011, too)!” was quite a success with raves from our participants. I wanted to share some of my key takeaways from the program. – Pre-Opening Costs. For folks starting or launching a business, certain pre-opening costs are tax deductible. In... View Article
