In this fifth installment of my multi-part series on the One Big Beautiful Bill Act, Steve Nofziger and I discuss a provision of the Act that impacts certain business owners who are contemplating a sale of their shares, Code...more
7/23/2025
/ Alternative Minimum Tax ,
Business Taxes ,
C-Corporation ,
Capital Gains ,
Federal Taxes ,
Gain Exclusion ,
Income Taxes ,
Inflation Adjustments ,
Internal Revenue Code (IRC) ,
IRS ,
One Big Beautiful Bill Act ,
Qualified Small Business Stock ,
Shareholders ,
Small Business ,
Tax Benefits ,
Tax Code ,
Tax Legislation ,
Tax Planning ,
Tax Policy ,
Tax Reform
As reported on May 16, 2025, the SALT cap proposal contained in the legislation that was pending in the U.S. House of Representatives (“House”) aimed at, among other things, dealing with the expiring provisions of the Tax...more
As reported on May 13, 2025, several changes to the Washington state tax laws were passed by lawmakers and delivered to the desk of Governor Ferguson in late April, awaiting his signature to make them law. In the aggregate,...more
5/27/2025
/ B&O Tax ,
Capital Gains Tax ,
Gas Taxes ,
Income Taxes ,
Sales & Use Tax ,
State Taxes ,
Tax Credits ,
Tax Deductions ,
Tax Increases ,
Tax Legislation ,
Tax Rates ,
Tax Revenues ,
Transportation Industry ,
Washington
Many individuals, wanting to liberate their wallets from taxes, have moved to states like Washington, Nevada, Texas, Florida and other states that have friendly state and local tax regimes. This trend, especially for...more
The Wild Journey -
I am taking time out from my multi-part series on Subchapter S to report on the Washington capital gains tax. As you know, I have reported in several prior blog posts on the numerous challenges...more
The Tax Reform Act of 1986 (the “TRA 86”) was signed into law by President Ronald Reagan on October 22, 1986, exactly 38 years ago today. TRA 86 was sponsored by, among others, Representative Richard Gephardt (D-Missouri) in...more
I have reported in several prior blog posts the significant events impacting the newly enacted Washington state capital gains tax. The turbulent ride of this legislation continues!...more
As I previously reported, the Washington state capital gains tax has had a turbulent ride, commencing with a rough ride through the legislative process where it almost hit disastrous terrain on at least six (6) occasions....more
4/13/2022
/ Ballot Measures ,
Capital Gains ,
Capital Gains Tax ,
Constitutional Challenges ,
Income Taxes ,
Petition for Review ,
State Constitutions ,
State Taxes ,
Tax Legislation ,
Tax Rates ,
WA Supreme Court ,
Washington
As previously reported on May 7, June 17 and November 4 of last year, two lawsuits were filed in Douglas County Superior Court in Washington, seeking a declaration that the state’s new capital gains tax is unconstitutional....more
Like last year, 2021 has been a difficult year. The COVID-19 pandemic continues to be at the forefront of everyone’s existence. On top of that, the Delta variant and the most recently discovered Omicron variant have entered...more
As previously reported on May 7 and June 17 of this year, Washington state lawmakers enacted a new capital gains tax, set to go into effect on January 1, 2022, but two lawsuits were initiated to declare the tax...more
...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code.
Tax legislation is...more
10/15/2021
/ Asset Valuations ,
Biden Administration ,
Business Losses ,
Business Taxes ,
Capital Gains ,
Capital Gains Tax ,
Carried Interest ,
Carried Interest Tax Rates ,
Contribution Limits ,
Corporate Taxes ,
Death Tax ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Gift Tax ,
Gifts ,
High Net-Worth ,
Holding Periods ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Net Investment Income ,
Partnership Interests ,
Pending Legislation ,
Qualified Business Income ,
Qualified Small Business Stock ,
Required Minimum Distributions ,
Retirement Plan ,
Tax Deductions ,
Tax Exemptions ,
Tax Legislation ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trusts
As many readers have noticed, I have been silent for the past few months. That is partly due to exhaustion from reporting on the flurry of tax events that have occurred since the COVID-19 pandemic commenced in 2020 and also...more
Temporary Rules Keep Rolling in -
The Oregon Department of Revenue (the “Department”) recently issued four new temporary rules relative to the Oregon Corporate Activity Tax (the “CAT”). The new rules went into effect on...more
2/27/2020
/ Business Taxes ,
Car Dealerships ,
Commercial Activity Tax ,
Corporate Taxes ,
Documentation ,
Exclusions ,
Grocery Stores ,
Income Taxes ,
Motor Vehicles ,
New Guidance ,
Out-of-State Companies ,
Retailers ,
Safe Harbors ,
State Taxes ,
Tax Legislation ,
Tax Liability ,
Tax Planning ,
Wholesale
On January 6, I presented a new White Paper, The Oregon Corporate Activity Tax – You Can Run and You Can Hide, but This New Tax Is Effective January 1, 2020, at the Oregon Society of Certified Public Accountants Annual State...more
We have written at length about Oregon’s new Corporate Activity Tax (the “CAT”). As discussed in our last post, the Oregon Department of Revenue (the “Department”) recently concluded a series of 12 town hall meetings around...more
What We Learned from one of the Oregon Department of Revenue’s Town Hall Meetings -
Over the past few months, we have written extensively on the blog about Oregon’s new Corporate Activity Tax (the “CAT”). As announced in...more
10/3/2019
/ Business Taxes ,
Commercial Activity Tax ,
Corporate Taxes ,
Department of Revenue ,
Exceptions ,
Grocery Stores ,
Income Taxes ,
Legislative Agendas ,
Registration Requirement ,
Regulatory Agenda ,
State Taxes ,
Tax Legislation ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Wholesale
As we reported in our June 4 blog post, Oregon lawmakers had recently enacted a “corporate activity tax” (“CAT”) that applies to certain Oregon businesses. The new law, absent challenge, becomes effective January 1, 2020.
We...more
7/26/2019
/ Business Taxes ,
Commercial Activity Tax ,
Corporate Taxes ,
Governor Brown ,
Income Taxes ,
New Legislation ,
Referendums ,
Repeal ,
State Taxes ,
Tax Legislation ,
Tax Planning
We are taking a break from our multi-post coverage of Opportunity Zones to address a recent, significant piece of Oregon tax legislation.
On May 16, 2019, Governor Kate Brown signed into law legislation imposing a new...more
6/5/2019
/ Business Ownership ,
Business Taxes ,
Commercial Activity Tax ,
Corporate Taxes ,
Department of Revenue ,
Goods or Services ,
Governor Brown ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Local Taxes ,
New Legislation ,
Popular ,
Referendums ,
Registration Requirement ,
Sales & Use Tax ,
State and Local Government ,
State Taxes ,
Substantial Nexus ,
Tax Legislation ,
Tax Planning ,
Tax Rates ,
Tax Returns ,
Tax Revenues ,
Underpayment ,
Unitary Business