Washington State has enacted significant amendments to its sales tax laws under Engrossed Substitute Senate Bill (ESSB) 5814, scheduled to take effect on October 1, 2025. This legislation represents one of the most comprehensive expansions of the retail sales tax base in recent history and will have far-reaching implications for a wide range of service […]
What is Cryptocurrency? Cryptocurrency is a type of digital currency that is recorded and verified on a distributed ledger, commonly known as a blockchain or similar technology. The blockchain maintains unalterable records, ensuring the authenticity of transactions and preventing tampering. Cryptocurrencies can be bought, sold, owned, and transferred in various ways, often functioning as an
Navigating the Taxation of Cryptocurrency Read More »
As December 31st approaches, now is an excellent time to consider planning actions that could lower your tax bill for this year. We expect there will be significant changes to the tax code in 2025, but there are going to be many complexities and probably a few surprises. Please watch for future newsletters in 2025 as new tax
2024 HVC Year-End Tax Planning Letter Read More »
If you have an established company or are planning on starting a new company in 2024 or beyond, please read this letter carefully. What Is FinCEN BOI Reporting? FinCEN BOI reporting is a mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) by
FinCEN BOI reporting is a mandatory NEW business filing PLEASE READ! Read More »
The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 2024 2023 Social Security Tax Wage Base $168,600 $160,200 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2% 6.2% Employee portion of Medicare 1.45% 1.45% Individual Retirement Accounts 2024 2023 Roth IRA Individual,
Important Tax Figures for 2024 Read More »
You may have a former personal residence that you’ve converted into a rental property. As you probably know, rental property owners are allowed to deduct costs to produce rental income, including depreciation. Deductions are allowed when a property is held out for rent, whether it is actually rented or not. One Tax Court case clarifies
Deductions When Turning a Personal Residence into a Rental Read More »
Your business may soon have to comply with new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes
Does Your Business Have to Comply with New Corporate Reporting Rules? Read More »
As December 31st approaches, now is an excellent time to consider planning actions that could lower your tax bill for this year and possibly next. Despite major tax changes from recent years generally remaining in place, including lower income tax rates and larger standard deductions, the time-tested approach of deferring income and accelerating deductions to
2023 HVC Year-End Tax Planning Letter Read More »
