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 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
In the S corporation arena, tax advisors generally do not focus much attention on unreasonable compensation. As we delve into the issue in this Part VII of my multi-part series on Subchapter S, it will become apparent that...more
6/6/2024
/ C-Corporation ,
Compensation ,
Corporate Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Payroll Taxes ,
S-Corporation ,
Shareholders ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Rates
This second installment of my multi-part series on Subchapter S is focused on two Code Sections, namely IRC Section 1375 and IRC Section 1362(d)(3)....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
On November 19, 2021, HR 5376, the 2,476-page bill, commonly known as the Build Back Better Act, was passed by the U.S. House of Representatives by a vote of 220-213.
The House’s vote on HR 5376 was held after the...more
Last fall, the IRS announced, with respect to pass-through entities (LLCs or other entities taxed as partnerships or S corporations), that, if state law allows or requires the entity itself to pay state and local taxes (which...more
11/3/2021
/ Business Taxes ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Local Taxes ,
Oregon ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Rates
...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
On September 30, 2021, the Washington State Supreme Court upheld the constitutionality of the additional 1.2 percent business and occupation (B&O) tax imposed by the 2019 Substitute House Bill 2167 (“SHB 2167”) on “specified...more
10/7/2021
/ B&O Tax ,
Banking Sector ,
Constitutional Challenges ,
Dormant Commerce Clause ,
Financial Institutions ,
Income Taxes ,
Out-of-State Companies ,
State Taxes ,
Tax Code ,
Tax Rates ,
WA Supreme Court
Maryland recently enacted the nation’s first tax on digital advertising. The new tax, the Digital Advertising Gross Revenues Tax (the “Tax”), became law on February 12, 2021.
The Tax has been surrounded by controversy from...more
It is not unreasonable to anticipate that there will be a federal tax policy transformation following a change in the political control of the White House, the U.S. Senate and the U.S. House of Representatives. What may be...more
2/25/2021
/ Business Taxes ,
Capital Gains Tax ,
Corporate Taxes ,
Federal Taxes ,
Gift Tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Section 1031 ,
Tax Liability ,
Tax Planning ,
Tax Policy ,
Tax Rates
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
The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more
3/9/2018
/ Alimony ,
Alternative Minimum Tax ,
Child Tax Credit ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Itemized Deductions ,
Local Taxes ,
Medical Expenses ,
Mortgage Interest ,
Personal Exemptions ,
Standard Deduction ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Tax Refunds ,
Trump Administration
On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In our May 3, 2017 blog post, we focused on the likely timing...more
5/19/2017
/ Alternative Minimum Tax ,
Anti-Avoidance ,
Business Taxes ,
Carried Interest ,
Corporate Taxes ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
International Tax Issues ,
Itemized Deductions ,
Manufacturers ,
Pass-Through Entities ,
Popular ,
Presidential Memorandum ,
Standard Deduction ,
Tax Rates ,
Tax Reform ,
Trump Administration
On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In this blog post, we focus our attention on the likely timing...more
The Department of the Treasury estimates the annual federal “tax gap” (the difference between what taxpayers should have paid and what they actually paid on a timely basis) exceeds $450 billion. IR-2012-4 (January 6, 2012). ...more