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If you aren't familiar with the new Beneficial Owner Information ("BOI") reporting requirements, now is the time to get familiar. 2024 is year one of a new non-tax filing requirement, and the non-compliance penalties are hefty. Here is our first post on all things BOI from last fall. Since then, the topic has received some clarifying guidance and additional answers to new FAQ from FinCEN. Below ...

Corporate Transparency Act and Beneficial Ownership Information Reporting Requirement The Corporate Transparency Act (CTA) was passed in 2021 under the National Defense Act in an effort to reduce money laundering and other financial crimes. It requires most small businesses to provide information about owners and decision makers (i.e. “Beneficial Ownership Information” (BOI)) to the ...

On March 24, 2023, the Washington State Supreme Court declared the State’s long term capital gains tax is constitutional. The WA Supreme Court overturned the lower Court’s ruling and held that the capital gains tax was a valid excise tax (rather than an unconstitutional property or income tax) because it “relates to the exercise of rights in and to property” rather than bei...

Section 45W was created in the Inflation Reduction Act and is available for qualified vehicles acquired and placed into service between 2023 and 2032. This is a general business income tax credit.  The credit is 15% of the cost but increases to 30% for a vehicle not powered by a gasoline or diesel combustion engine. The credit cannot exceed the vehicle’s incremental cost, which is t...

The recently passed $1.7 trillion dollar spending bill, the Consolidated Appropriations Act of 2023, contains numerous changes to retirement plans that apply to the currently employed, retirees, and business owners. I will not attempt to provide significant detail, but will provide some bullet points on items I found interesting and relevant to many of you. An excellent, highly detailed read can b...