Court Holds Washington Capital Gains Tax is a Constitutional Excise Tax On March 24, 2023, the Washington Supreme Court (in a 7-2 opinion) held that the controversial capital gains tax enacted by the Washington State Legislature in 2021 (SB 5096;…
Read MoreFollowing the death of the first spouse, a joint and survivor grantor trust remains an eligible S corporation shareholder for which no electing small business trust or qualified subchapter S trust election is required until after the death of the surviving spouse.
Read MoreIn recently issued Revenue Procedure 2021-45, the IRS announced calendar year 2022 increases to the federal estate and gift tax exemption, and to the gift tax annual exclusion. The 2022 federal estate and gift tax exemption has been increased to…
Read MoreOn August 8, 2020, President Trump issued a Memorandum entitled “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” directing the Secretary of the Treasury to defer the withholding, deposit, and payment of certain payroll taxes. On August…
Read MoreThe IRS extended the deadline to file individual income tax returns (Form 1040) for all taxpayers from April 15, 2020 to July 15, 2020 in response to the current coronavirus pandemic.
Read MoreThe State of Washington imposes a real estate excise tax (REET) on the sale of real property. For many years, the REET was assessed at a flat rate of 1.28% at the state level, and local governments could also tax…
Read MoreIf you are interested in making charitable contributions without the complexity of establishing a private foundation or a charitable trust, you may consider giving through a donor-advised fund (DAF). What is a Donor Advised Fund? Essentially, a DAF is an…
Read MoreIn November 2015, Congress enacted as part of the Bipartisan Budget Act of 2015 (the “BBA”) partnership audit rules designed to make it easier for the IRS to examine partnerships and collect any resulting underpayments through one centralized proceeding. With limited…
Read MoreThe Tax Cuts and Jobs Act changes much of our nation’s tax law. One of the most discussed changes is the new flat corporate tax rate of 21%, which is a permanent change in the new law. To take advantage…
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