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The IRS on Thursday unveiled an $80 billion plan laying the groundwork for an ambitious overhaul of one of the most scrutinized arms of the federal government. Read the article here:
Today the Washington state Supreme Court upheld the constitutionality of the state's capital gains tax. Read about the ruling and what it means for Washington State residents here:
Finally! The IRS will soon add Form 1040, U.S. Individual Income Tax Return, and Form 941, Employer's Quarterly Federal Tax Return, to the forms that it can digitally scan. Read about the changes already happening here:
Wondering why the IRS needs $80 billion? Read more here about it in the article liked below by the Washington Post. https://www.washingtonpost.com/opinions/interactive/2022/irs-pipeline-tax-return-delays/?itid=hp_opinions The eye-opening photos in the article reveal...
Senator Joe Manchin (D-WV) and Majority Leader Charles Schumer (D-NY) made a surprise announcement late Wednesday that they had reached a deal on a scaled-down economic package that includes tax and energy provisions. The bill includes: IRS Enforcement: The IRS would...
According to the New York Times, "The backlog of tax returns at the Internal Revenue Service has grown to more than 20 million in the last year despite efforts by the Biden administration to process filings and send out refunds more quickly". This news may be shocking...
Hello taxpayers and happy fall! As 2020 individual tax season has come to an end, changes to taxes affecting 2021 and beyond are here. We are closely following the many proposed tax changes that would happen locally as well as federally. See below for some of the...
On May 4, 2021, Governor Jay Inslee signed into law Senate Bill (SB) 5096, a bill creating a new Washington state excise tax on the sale or exchange of certain capital assets. Beginning January 1, 2022, SB 5096 imposes a new tax at a rate of 7% of an individual’s...
It's beginning to look a lot like taxes! What a year it has been so far. We hope that you have found ways to keep busy and find joy in the midst of it all. We at Taxman are forever grateful for our clients and their trust in our services! This year, we are also...
At Taxman & Associates we are reviewing this past year and are amazed at the resilience of our community to come together and face the challenges that 2020 has brought us. We are very grateful to you, our clients, for being able to work with us during this time. What...