News

7% Washington Excise Tax aka Capital Gains Tax      Effective January 1, 2022, a Washington capital gains tax of 7% will be imposed on the sale or exchange of certain long-term capital assets by beneficial owners. The first $250,000 of capital gains are excluded per tax return for both single and married taxpayers, with…

SECURE Act: How Changes to Retirement Accounts Could Affect your Estate Plan and Notable Changes in Washington’s Real Estate Excise Tax Laws On December 20, 2019, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) was signed into law.  The SECURE Act made significant changes to the law governing IRAs (individual…

If you’d prefer to hear this KTC Client Alert as a Podcast, it is available here.   On May 1, 2020, Governor Jay Inslee announced that the stay-at-home order will be extended through May 31, 2020. With this announcement, Governor Inslee revealed a phased approach for reopening recreational, social, and business activities in Washington State.…

As of publishing, there appears to be a concerted effort by industry and at least some elements of Congress to broaden the exemption of the application of the “affiliate rules” described below so that much of the analysis below would become moot. Yesterday, Speaker Pelosi’s office sent a letter to the Treasury Department urging them…

We are providing our clients periodic updates to address the rapidly changing work environment in the wake of the coronavirus pandemic. Today’s update is focused on the expanded Small Business Administration (“SBA”) loan programs available under the $2.2 trillion emergency aid legislation titled the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that was…

The spread of the Novel Coronavirus (COVID-19), and the government imposed and suggested restrictions and guidance to attempt to slow that spread, have resulted in significant impacts to the economy as a whole and to individuals and small businesses throughout the United States. The City of Seattle, the State of Washington and the federal government…

As economic losses from the COVID-19 pandemic mount, businesses and employers of all types-restaurants, manufacturers, distributors, event sponsors, educational institutions, health care facilities, just to name a few, are asking: Do I have insurance coverage for my losses? This Alert provides some basic information about insurance coverage for Business Interruption and is a starting point…