Developing News: 2021

Washington cities and counties are permitted to establish parking and business improvement areas (PBIAs) and levy assessments on the businesses that are benefitted by PBIA activities. Seattle has one such PBIA known as the Seattle Tourism Improvement Area.

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Last year, following the passage of the federal CARES Act, the Washington State Department of Revenue (DOR) published guidance regarding its view on whether federal COVID-19 related financial assistance is subject to the Business &

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The chances of an IRS examination of a tax-exempt entity is one in 742, reported the Treasury Inspector General For Tax Administration (TIGTA) in February. For-profit businesses are five times as likely to be examined (one in 156) and individuals are three times as likely to be examined (one in 226).

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3/29/2021 Update: The Internal Revenue Service and the Treasury Department have provided additional details around the tax deadline extension.

As reported earlier, the April 15 deadline for filing and paying individual income tax has been extended until May 17,

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The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR) signed into law in December 2020, extends certain favorable CARES Act provisions regarding charitable deductions and provides for disaster relief deductions.

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The Consolidated Appropriations Act, 2021 made a second draw of Paycheck Protection Program (PPP) loans available to qualifying organizations. Here is an overview of the entities eligible for first and second draw PPP loans:

Eligible for First Draw PPP Loans

• Small entities that,

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Introduction

Starting in 2018, under the Tax Cuts & Jobs Act (TCJA), all business meals were made 50% deductible. This included all employee, business, travel, and per diem meals, unless separately billed to a client.

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If you have ever been advised or tempted to convert your traditional IRA to a Roth, 2020 may finally be the year to make that move.

There are two factors that could make the conversion more attractive this year: the challenging economic environment,

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