New Investment Income Voluntary Disclosure Program – Starts July 1, 2025
Beginning July 1, 2025, the Washington Department of Revenue is launching a temporary expanded Investment Income Voluntary Disclosure Program under ESSB 5167. This initiative allows qualifying businesses with unreported investment income subject to B&O tax to come...Seattle Social Housing Tax (SHT)
What’s Happening? Approved and certified in February 2025, Proposition 1A—the Social Housing Tax (SHT)—took effect on January 1, 2025. The SHT imposes a 5% excess compensation payroll expense tax on businesses with individual Seattle employees...Affiliates Of Insurance Providers Qualify for B&O Exemption
What’s Happening? On 12/12/2024, the Supreme Court of Washington decided the case of Envolve Pharmacy Solutions v. Department of Revenue.[1] The Supreme Court found that the exemption from B&O tax in RCW 82.04.320 applied to Envolve Pharmacy Solutions’ (“Envolve”)...Antio: Washington Supreme Court Holds Only “Incidental” Investment Income is Deductible
What’s Happening? On October 24, 2024, the Washington Supreme Court affirmed a narrow interpretation of investment income in Antio, LLC v. Department of Revenue.[1] This ruling significantly restricts the ability for a business to deduct investment income for Business...