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...
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...
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...
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...
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...
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...
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...
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...
The thought of planning for death might not be the most pleasant idea you will ever have. However, considering the uncertainties of life, it is important to make preparations for the future. One aspect often overlooked is including funeral plans in your will....
The Corporate Transparency Act is part of the National Defense Authorization Act. This groundbreaking legislation creates new reporting requirements for companies regarding their beneficial owners. Beneficial owners are individuals who ultimately own or control a...
