Skip to main content

THURSDAY TAX TIDBITS

PSA: Sales Tax Warning

Have you received one of these notices with your online order?


Confused about what this is? Let us help you! Last year, Washington state imposed a new bill to increase sales tax revenues. Out-of-state sellers are required to inform Washington State consumers of sales tax that is due on any purchases. They are required to attach this disclosure to applicable purchases if not, they are susceptible to hefty penalties. However, this only applies if the out-of-state seller has retail sales to Washington customers of more than $10,000. The notice sellers must provide need to inform Washington purchasers that:

  1. Sales or use tax is due on certain purchases
  2. Washington requires the purchaser to file a use tax return
  3. The notice is required under RCW 82.13.020(2)(a)(i) 
This bill was signed in July 7, 2017, and started to be enforced on January 1, 2018. Many Washington purchasers are uninformed and unaware about these notices or change in the bill. For more questions on how this can impact you personally, our accountants at Cunningham Tax Help can provide the most relevant information for you and your situation. We are open Monday through Friday from 9 AM to 5 PM; contact us by email or phone at: thetaxlady4u@gmail.com or 253.581.1461

Follow me!
Twitter: @thetaxlady4u
And ask me about PolkaDotPowerhouse!



Comments

Post a Comment

Popular posts from this blog

THURSDAY TAX TIDBITS

What is the Dark Web? As a tax accountant, I see and witness many clients falling victim to identity theft. Because of this, I make it my responsibility to bring awareness to the issue as much as I can. Recently, I came across an AARP article discussing what the Dark Web is. I found the article to be interesting and believe it is something of value to my blog readers. The intelligence and skill behind hacking are so advanced with today's technology; it is scary and difficult to know how to protect yourself from it. I encourage you to read AARP's article and share with friends and family. For more questions, our accountants at Cunningham Tax Help have the resources that can help you and your situation.  We are open Monday through Friday from 9 AM to 5 PM; contact us by email or phone at: thetaxlady4u@gmail.com or 253.581.1461 AARP Article:  https://www.aarp.org/money/scams-fraud/info-2018/what-is-the-dark-web.html Follow me! Twitter:...
Post a Comment
Read more

THURSDAY TAX TIDBITS

IRS Announces Major Changes to Form W-4! Earlier this week the IRS and Treasury Department announced that the major changes for Form W-4 are to be delayed until the tax year 2020. These changes were planned to be made in 2019, however, after sharing the drafted version, the  IRS and Treasury Department listened to feedback and decided to postpone the changes. Minor changes will be made to the 2019 W-4, but it will remain largely consistent with the present draft.  In the meantime, it is important for individuals to learn how these changes may impact their personal finances. The IRS encourages taxpayers to use  the paycheck checkup at  https://www.irs.gov/payments/tax-withholding  and  review their withholding situation. By doing so, you can ensure withholding is not under-withheld or over-withheld. If under-withheld, there is a chance of having to pay taxes at the end of the year or receiving a smaller refund. Don't ignore this issue u ntil it i...
Post a Comment
Read more

THURSDAY TAX TIDBITS

Tax Tip: Start Planning Ahead! It is never too early to start thinking about the upcoming tax season. Don't procrastinate and be prepared for the tax reform changes that have been implemented this year. Under the Trump Administration, there have been several tax changes that may impact you or your business. Here are some changes that may impact you: Tax Reform: Business Impact There are many business considerations, including the corporate tax rate, limitations on net interest expense, full expensing of business assets, changes to net operating loss deductions, limitation of like-kind exchanges, limitation on deductibility of FDIC premiums, corporate alternative minimum tax, rules for recognition of income, changes to business tax credit, the modified limit on excessive compensation, and the modified deduction for meals and elimination of entertainment expenses. Not being able to claim the same expenses as before may lead to higher taxes! Tax Reform: Individu...
Post a Comment
Read more