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Tax Updates

Tax Updates & Legislation News

Please don't hesitate to contact us if you have any questions or concerns about your tax planning. We are available via email or contact our offices at 206.284.1383.


Business Ownership Information Reporting Requirement

There is a new Business Ownership Information (BOI) reporting requirement rolling out this year from FinCEN (US Financial Crimes Enforcement Network) under the Corporate Transparency Act. The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of illegal financing by mandating certain entities (primarily small and medium size businesses) to report “beneficial owner” information to the Financial Crimes Enforcement Network (“FinCEN”).

We strongly encourage you to reach out as soon as possible to legal counsel with expertise in this area to assist your organization with the steps you need to take to ensure compliance with the CTA, if applicable. Note that penalties for willfully violating the CTA’s reporting requirements include (1) civil penalties of up to $500 per day that a violation is not remedied, (2) a criminal fine of up to $10,000, and/or (3) imprisonment of up to two years.

For additional information regarding the beneficial ownership reporting requirements under the CTA, refer to FinCEN’s Frequently Asked Questions document at faqs.

Senate Passes Scaled Back Reconciliation Bill – Inflation Reduction Act

Click here for a Wolters Kluwer summary of the Inflation Reduction Act of 2022 passed by the Senate on August 7, 2022.

House Passes Massive Spending Bill – Build Back Better Act

Click here for a CCH Summary of the $1.75 Trillion Build Back Better Act passed by House of Representatives on November 19, 2021.

WA State Long Term Care Program effective January 1, 2022 – Employee Tax 0.58% of Wages

Click here for a Davis Wright Tremaine summary of the new WA State Long Term Care Program including employee opt-out before November 11, 2021.

On March 10, 2020, Congress approved the American Rescue Plan Act of 2021 (ARPA) which President Biden signed on March 11, 2021. 

Click here for a CCH Summary of the $1.9 Trillion Covid relief package  covering aid for various schools, restaurants, recovery rebates and extension of various payroll tax credits.

‚ÄčOn December 27, 2020 President Trump signed the Consolidated Appropriations act of 2021

Click here for CCH summary of Consolidated Appropriations Act of 2021 signed by President on 12/27/20- Pandemic Relief, Stimulus Payments ($600) and Various Extenders


On December 20, 2019 President Trump signed the SECURE Act as part of the Further Consolidated Appropriations Act 2020.

Click  for here a CCH summary of the legislation.

New Retirement Planning Information for 2021 - January 19, 2021

Retirement Plan Type Comparison for 2021 and Plan Contribution Limits for 2021


New Washington Business and Occupation Tax Legislation Affects Service Businesses

Click here for summary of legislation effective 1/1/20


New Washington State Real Estate Excise Tax Legislation

Click here for summary of legislation effective 1/1/20


2018 Year-End Tax Planning under Tax  Cuts and Jobs Act- November 8, 2018

Click here for CCH overview of year end planning under Tax Cuts and Jobs Act


Tax Return Due Dates for the 2018 Tax Year - January 11, 2019

Click here  for an overview from the AICPA of the revised tax return due dates that are taking effect for 2018 returns.


Washington State Family Leave Act Employer Toolkit- December 20, 2018

Click here for WA ESD Employer Toolkit


New Retirement Planning Information for 2018 - December 18, 2018

Retirement Plan Type Comparison for 2018 and Plan Contribution Limits for 2018