Meeting beneficial ownership disclosure rules can be tough, but it is very important for companies to follow these rules. Authorities require businesses to share ownership details to stop illegal activities like money laundering and tax evasion. Understand the rules...
Gig Harbor Estate Planning And Probate Law Blog
What are the privacy concerns associated with CTA reporting?
The Corporate Transparency Act (CTA) requires many businesses to share information about their owners with the U.S. government. While the goal is to improve transparency and stop illegal activities, it raises privacy concerns. Understanding these concerns can help...
Beneficial ownership transparency facilitates seamless mergers
Understanding who controls or benefits from a business is necessary for legal compliance and smooth business transactions. That is why it is so important to be transparent with beneficial ownership information. In Washington, businesses must follow state and federal...
Changes to make to your vacation property before renting it out
Renting out a vacation property in Washington can be a profitable venture, but thorough preparation is a must. Making certain changes to the property ensures safety, legal compliance and a better experience for renters. These adjustments help protect both the...
How does the Corporate Transparency Act affect small businesses?
The Corporate Transparency Act (CTA) is part of the Anti-Money Laundering Act of 2020. It brings changes that affect businesses across the United States. Small businesses and sole proprietorships must understand how it impacts them. What is the Corporate Transparency...
Top reasons for an IRS audit
In Washington, facing an IRS audit can be a daunting experience. Whether you're a business owner or an individual taxpayer, it's essential to understand the reasons why the IRS might choose to audit you. Discrepancies in reported income When the income on your tax...
Understanding beneficial ownership and reporting requirements
In today's complex business landscape, businesses must comply with beneficial ownership reporting requirements. These requirements aim to enhance transparency, prevent financial crimes and identify the true owners of entities. Every business owner should understand...
Understanding your estate tax obligations
The government levies estate taxes on the total value of your estate, including property, cash, investments and valuable possessions. You should understand the basics so you do not burden your heirs with unexpected financial obligations and protect assets after you...
What is a living trust?
When planning for the future, it is important to consider various options to safeguard assets and ensure their distribution according to your wishes. One commonly used tool in estate planning is the living trust. Definition of a living trust According to CNBC, 67% of...
5 ways a power of attorney can ensure business success
About 644,868 small businesses operate in Washington, according to the U.S. Small Business Administration. When you are a business owner, estate planning can help ensure the continuity of your business. For instance, if you become incapacitated, a power of attorney...