On March 2, 2025, the U.S. Treasury Department announced that it currently does not intend to enforce any penalties or fines associated with any current reporting deadlines under the Corporate Transparency Act (CTA) or the...more
The Corporate Transparency Act (“CTA”), which affects many small and medium-sized businesses across the United States, went into effect on January 1, 2024. For entities subject to the CTA, reports including information about...more
With more than half of the vote counted in Oregon and Washington, here are the initial results of statewide measures we have been tracking this election cycle.
Oregon Measure 118 (Raising Corporate Taxes) – Defeated ...more
As we near the end of 2024, this is the perfect time to reexamine your tax and estate planning action items. There are plenty to address, and it’s wise to do so sooner rather than later. In reviewing year-end estate planning...more
Beginning on January 1, 2024, the IRS will resume automated collection notices for all tax years. Individuals, businesses, trusts, estates, and tax-exempt organizations may be eligible for penalty relief for tax years 2020...more
What Does it Mean for Your Business?
This article updates and provides new information and guidance and replaces our original article dated August 3, 2023.
On January 1, 2024, the Corporate Transparency Act (the “Act”...more
This article updates and provides new information and guidance and replaces our original article dated August 3, 2023.
On January 1, 2024, the Corporate Transparency Act (the “Act” or the “CTA”) will take effect. This...more
10/27/2023
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Governance ,
Corporate Transparency Act ,
Filing Deadlines ,
FinCEN ,
Penalties ,
Publicly-Traded Companies ,
Regulatory Requirements ,
Reporting Requirements
On January 1, 2024, the Corporate Transparency Act (the “Act” or the “CTA”) will go into effect. It is expected to impact approximately 32.6 million small and medium-sized businesses in unregulated industries in its first...more
We previously provided an update regarding the enactment of a capital gains tax (the “Tax”) in the State of Washington (read about it here). In that article, we noted the Tax was subject to at least one lawsuit in Washington....more
On January 27, 2022, Governor Jay Inslee signed two bills that delay implementation of the Washington Cares Act to July 1, 2023, including the 0.58% payroll tax, and provide additional exemptions from the program. The Act...more
2/7/2022
/ Employee Benefits ,
Employees ,
Employer Liability Issues ,
Governor Inslee ,
Healthcare ,
Long Term Care Insurance ,
Long-Term Care ,
New Legislation ,
Payroll Taxes ,
State and Local Government ,
State Legislatures ,
Tax Planning ,
Tax Refunds ,
Taxation
Over the weekend, the Washington State Legislature passed a bill that would enact a tax on gains from the sale or exchange of certain capital assets. The bill, which was signed into law by Governor Jay Inslee on April 27,...more
Since its effective date of January 1, 2020, the Washington Paid Family Medical Leave Program (“PFML”) has provided qualified employees paid time off if such employees miss work due to serious health conditions, needing to...more
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the “Act”). The Act, which includes the COVID-19-related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax...more
1/8/2021
/ CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
IRS ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Tax Credits ,
Trump Administration
Believe it or not, we are now in the final stretch of 2020. There are many things still to do and plan for before the end of the year. When reviewing your year-end estate planning or business transition concerns, there are...more
On September 17, 2020, King County announced that, despite the ongoing pandemic and economic uncertainty, property owners would not receive an extension on the property tax bill corresponding to the second half of 2020. In...more
On August 28, 2020, the Department of Treasury (“Treasury”) responded to the White House’s Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster dated August 8, 2020 (the “Memorandum”) by...more
On January 10th, 11th and 18th our tax attorneys ?hosted a "CPA Shoptalk" seminar in ?Portland, Vancouver and Bend. Below are ?some key takeaways to consider...
1. Partnership Audit Rules Post-TEFRA -
The Balanced...more
1/18/2018
/ Beneficiaries ,
Business Taxes ,
C-Corporation ,
Charitable Donations ,
Corporate Taxes ,
Credit Shelter Trusts ,
Employment Tax ,
Estate Tax ,
Income Taxes ,
IRS ,
Itemized Deductions ,
Limited Liability Company (LLC) ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
Power of Attorney ,
S-Corporation ,
Standard Deduction ,
Tax Audits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Liability ,
Tax Penalties ,
Tax Rates ,
Tax Reform ,
TEFRA ,
Trump Administration ,
Trust Funds ,
Trusts
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
1/12/2018
/ Accounting ,
Alternative Minimum Tax ,
Business Assets ,
Business Taxes ,
C-Corporation ,
Capital Contributions ,
Capital Gains ,
Capital Losses ,
Corporate Taxes ,
Cost Recovery ,
Covered Employees ,
Farms ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investors ,
IRA Rollovers ,
IRS ,
Like Kind Exchanges ,
Net Operating Losses ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
Repeal ,
S-Corporation ,
Section 179 Property ,
Shareholders ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Penalties ,
Tax Rates ,
Tax Reform ,
Transportation Industry ,
Trump Administration
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
1/12/2018
/ Business Assets ,
Business Taxes ,
Capital Gains ,
Carried Interest ,
Cost Recovery ,
Excise Tax ,
Health Care Providers ,
Health Insurance ,
Home Equity ,
Income Taxes ,
Individual Mandate ,
Internal Revenue Code (IRC) ,
Investors ,
IRS ,
Mortgage Interest ,
Net Operating Losses ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
SALT ,
Section 179 Property ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Penalties ,
Tax Reform ,
Trump Administration
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
1/11/2018
/ Alternative Minimum Tax ,
Business Taxes ,
C-Corporation ,
Capital Gains ,
Distributors ,
Income Taxes ,
Like Kind Exchanges ,
Manufacturers ,
Partnerships ,
Research and Experiment Tax Credit ,
Retail Market ,
Retailers ,
Section 179 Property ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
1/11/2018
/ Alternative Minimum Tax ,
Business Assets ,
Business Expenses ,
Business Taxes ,
C-Corporation ,
Capital Gains ,
Carried Interest ,
Child Tax Credit ,
Commercial Buildings ,
Construction Industry ,
Corporate Taxes ,
Cost Recovery ,
Home Equity ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Itemized Deductions ,
Mortgage Interest ,
Net Operating Losses ,
New Legislation ,
Partnership Interests ,
Pass-Through Entities ,
Popular ,
Real Estate Market ,
Residential Property Owners ,
S-Corporation ,
Section 1031 Exchange ,
Section 179 Property ,
State and Local Government ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform ,
Trump Administration
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
12/29/2017
/ Accounting ,
Alimony ,
Alternative Minimum Tax ,
Business Assets ,
Business Expenses ,
Business Income ,
Business Taxes ,
C-Corporation ,
Capital Assets ,
Capital Gains ,
Capital Losses ,
Charitable Donations ,
Child Tax Credit ,
Consumer Price Index ,
Corporate Taxes ,
Cost Recovery ,
Covered Employees ,
Depreciation ,
Employee Relocations ,
Estate Tax ,
Farms ,
Gambling ,
Health Insurance ,
Home Equity ,
Income Taxes ,
Individual Mandate ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
Investors ,
IRA Rollovers ,
IRS ,
Itemized Deductions ,
Like Kind Exchanges ,
Medical Expenses ,
Mortgage Interest ,
Mortgages ,
Net Operating Losses ,
New Legislation ,
Pass-Through Entities ,
Personal Exemptions ,
Repeal ,
Roth IRA ,
S-Corporation ,
SALT ,
Section 179 Property ,
Shareholders ,
Standard Deduction ,
State and Local Government ,
Student Loans ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Penalties ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
Trusts
Planning for a business succession – sale or transition of a business to new owners – is as important as planning for business formation or business operations. In our experience, however, planning for business succession is...more
10/2/2017
/ Business Succession ,
Contractors ,
Estate Planning ,
Family Businesses ,
Land Developers ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Real Estate Brokers ,
Real Estate Companies ,
S-Corporation ,
Selling a Business ,
Tax Planning
On September 20, Peterson Sullivan and Schwabe, Williamson & Wyatt partnered to host a seminar titled Avoiding Tax and Legal Missteps for the Construction Industry. Below are some of the key takeaways to consider...more