Tag: Business law
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New reporting classifications for Service and Other Activities B&O
Effective Jan. 1, 2026, the following Service and Other Activities B&O tax classifications have been renamed as follows: Please note: If you previously reported under the combined Service & Other Activities and/or Gambling Contests of Chance (less than $50,000 a year) B&O tax classification and you have gross income from gambling activities less than $50,000 per year, you must begin…
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New Sales Tax Obligations: Key Professions Impacted by Washington SB 5814
Effective October 1, 2025, Washington has implemented a major shift in its tax landscape through Senate Bill 5814. This legislation “modernizes” the tax code by reclassifying several traditionally exempt service sectors as “retail sales.” If you operate in any of the following fields, you are now required to register for a retail tax endorsement, collect…
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Why You Should Transfer Property to a LLC Before Renting
So, you’ve got a fantastic property in the Evergreen State and you’re ready to jump into the rental game. That’s great! But before you hand over the keys and start cashing those rent checks, there’s one critical step you might be skipping: transferring that property into a limited liability company or LLC. While it may…
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Baskets & Caps
When businesses change hands, the journey can be full of unknowns. From a buyer’s perspective, what if the financial records aren’t as tidy as they seemed? From a seller’s perspective, how long will they be on the hook for potential problems with the business they just sold? This is where tools like baskets, deductibles, and…
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Lending a Hand or Getting Burned? The Crucial Role of Security in Promissory Notes
Let’s say a friend, family member, or even a business associate needs a loan. Perhaps they pitch it as a business investment. You’re willing to help / invest, and you’re smart enough to know that a simple handshake isn’t going to cut it. You’ve decided to use a promissory note – excellent choice! This legally…
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Washington Tax Law Updates (2025)
Several important tax legislation updates were made in the 2025 legislative session. These changes may impact your business’s operations and financial planning. Key updates include: We strongly encourage you to review the full details of these legislative changes to understand their specific implications for your business and consult with your tax advisor or accountant to…