Washington's legislature passed a new capital gains tax in April (Engrossed Substitute S.B. 5096), which was signed by Governor Inslee on May 4, 2021. The new law will take effect January 1, 2022....more
As part of its overall response to COVID-19, the IRS announced that the due date for both filing federal income tax returns and making federal income tax payments is extended from April 15, 2020 to July 15, 2020....more
Family-owned businesses are often formed as LLCs. For federal tax purposes, an LLC with two or more members is treated as a partnership unless it elects otherwise. Income earned by a partnership is not subject to a separate...more
Family-owned businesses are often formed as LLCs. For federal tax purposes, an LLC with two or more members is treated as a partnership unless it elects otherwise. Income earned by a partnership is not subject to a separate...more