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...
Trusted Counsel From A Tax Strategist Who Grew Up In Gig Harbor
Gig Harbor Estate Planning And Probate Law Blog
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...
Why is it worth it to add funeral plans to your will?
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....
Corporate Transparency Act’s reporting requirements for entities
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...
Family partnerships help with handling inherited rental property
Inheriting rental property can be both a blessing and a challenge. While the prospect of additional income is appealing, the responsibilities associated with property management can be daunting. One effective way to navigate this situation is by forming a family...
Estate planning tips to help you avoid probate
By planning your estate effectively, you can ensure a smooth transfer of your assets to your loved ones after you pass away. One key goal in estate planning is to avoid the probate process, which can be time-consuming and costly. Use beneficiary designations Some...