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
Our guest blog post this week is from Connie Lewis at CliftonLarsonAllen. Connie’s practice focuses on state and local tax matters. We are seeing more Washington Department of Revenue audits with our clients as the state attempts to meet their budget needs. One area typically overlooked is the sales/use tax paid on items you use... View Article