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
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
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
Administrative Agencies are government bodies that are empowered to direct and supervise the implementation of particular laws. These agencies are often appointed by governmental authority such as the President of the United States, Congress, or a state constitution or legislature; but an agency does not necessarily report to the government. Certain agencies, such as the... View Article