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The Way Forward: COVID Relief Assistance Update

Posted by Sweeney Conrad, PS on Jul 18, 2021 10:37:56 PM

As businesses move beyond operating in pandemic crisis mode, many are facing a significant financial aftermath and considering their options. If you haven’t yet taken advantage of all available programs to help your company, it’s not too late for some assistance.

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Topics: Tax

Help Guide Your Family with a Road Map for Your Estate Plan

Posted by Melanie Abigania, CPA on Jun 29, 2021 2:59:15 PM

You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” to your plan.

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Topics: Tax, Estate Planning

Members of the Sandwich Generation Find Themselves in a Unique Situation

Posted by Jessica Simons, CPA on Jun 29, 2021 2:49:40 PM

The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include one’s aging parents as well.

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Topics: Tax, Estate Planning

New Remote Work Arrangements Raise Tax Questions

Posted by Sweeney Conrad, PS on May 27, 2021 4:24:42 PM

In addition to causing untold health and economic damages, the COVID-19 pandemic has had a profound—and possibly permanent—impact on many longstanding workplace practices. For example, although working from home began as a temporary emergency response, a number of high-profile companies now say they plan to continue the practice in their post-pandemic operations.

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Topics: Tax, COVID-19

The Biden Administration Proposes Far-Reaching Tax Overhaul: Updates on the American Families Plan

Posted by Sweeney Conrad, PS on May 7, 2021 12:33:16 PM

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations.

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Topics: Tax, COVID-19

Washington State Capital Gains Tax - What We Know Now

Posted by Sweeney Conrad, PS on Apr 30, 2021 1:19:11 PM
On April 24, the Washington State legislature voted in favor of a new Washington State Capital Gain Excise Tax, by a narrow margin. The legislation is expected to be signed by Governor Inslee shortly. While challenges are anticipated, here is what we know now:
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Topics: Tax, News, High Net Worth

The American Families Plan: A Summary of Proposals

Posted by Marty Brown, Shareholder, Director of Tax Services on Apr 29, 2021 7:14:44 PM
President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.”

Here’s a summary of some of the proposals:

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Topics: Tax, News, COVID-19

The American Rescue Plan Act: Some Things To Know

Posted by Jeff Piha, CPA on Mar 24, 2021 4:38:56 PM

The recently passed American Rescue Plan Act (ARPA) includes 600 pages of new legislation- a $1.9 trillion COVID relief package. The Act contains retroactive and prospective tax breaks including exclusions from income, new tax-free grant programs, and credits.

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Topics: Tax, COVID-19

The IRS Extends the Tax Deadline to May 17

Posted by Sweeney Conrad, PS on Mar 18, 2021 11:00:15 PM

On March 17, 2021 the IRS announced an extension of the tax deadline for Individual Income Tax Returns (Form 1040) to May 17, 2021 from April 15. This extension applies to both the filing of the Form 1040 or the filing of an extension form. This also extends the due date for tax payments for individuals only for payments related to 2020 to May 17. This change does not apply to states, though it is likely some/all states will extend the deadline as well.

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Topics: Sweeney Conrad News, Tax, News, COVID-19

Fact Sheet: Does Washington State Long Term Care have you covered?

Posted by Naomi Gerbatsch, CPA on Mar 4, 2021 11:13:40 PM

Long Term Care through a Mandatory Payroll Tax

The Concern: As baby boomers are rapidly moving into retirement, long-term care services provided by Medicare are putting an increasing strain on budgets. 7 out of 10 people will need long-term care after turning 65, and 70% of Americans rely on public benefits such as Medicaid to cover long-term care. In fact, Washington’s spending on Medicaid-funded long-term care is projected to double to $4.01 billion per year in 2030.1

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Topics: Tax, News

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