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The Biden administration on March 9 unveiled a budget proposal for fiscal 2024 that would reduce the federal deficit by nearly $3 trillion over 10 years, primarily by raising taxes on high-net-worth individuals and large corporations. The proposed budget would increase the U.S. corporate income tax rate from 21% to 28%, and the top individual […]

Since the beginning of the year, several states that conform to the Internal Revenue Code (IRC) as of a specific date – so-called fixed-date states – have enacted legislation updating their dates of conformity. This alert summarizes those developments thus far. Arizona On March 3, Arizona enacted S.B. 1171 to update its conformity to the […]

JUST IN – This morning, in a 7-2 ruling, the Washington State Supreme Court finds that the proposed capital gains tax is constitutional as an excise tax. In the Seattle Times article, State Attorney General Bob Ferguson, in his brief to the Supreme Court defending the tax, called it “the most progressive change in Washington […]

Have you heard of Washington’s Online Reporting System for Capital Gains Tax? In this blog post, David Martinson, CPA, Tax Manager at VSH, provides some key items to know about the Washington Capital Gains tax. VSH is keeping up to date on any new information as it continues to roll out. VSH Insight The new […]

The WA Cares Fund is a new program that gives working Washingtonians access to long-term care coverage when they need it. WA Cares contributions begin on July 1, 2023 and benefits begin on July 1, 2026. Make sure you’re up to speed on how the program works and what you need to do to prepare […]