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Tyler’s practice consists of advising businesses and individuals on state and federal tax and business planning issues, such as business formation, risk management, corporate governance, and business succession planning. He also advises medical and health care professionals on purchasing and selling medical practices, real estate leases and purchase agreements, and employment and non-compete agreements.
On May 4, 2021, Washington Governor Jay Inslee signed Senate Bill 5096 into law, imposing a new tax on capital gains for Washingtonians. Beginning January 1, 2022, a flat rate of 7% will apply to a Washington resident’s net long-term capital gains in excess of a standard deduction and various exemptions. The standard deduction is […]
On a May 15, 2020, the Small Business Association (“SBA”) provided its first draft of the Paycheck Protection Program loan forgiveness application (“Loan Forgiveness Application”). Although there will be a great deal of work to do in order to unpack everything in the application from a legal and accounting perspective, it is helpful to take […]
Recipients of PPP loans less than $2 million who were worried about the “necessity” certification they made on the loan application, and whether they should return their loans before the safe harbor date, can breathe a sigh of relief. A new SBA FAQ says their loan applications will be deemed to have been submitted in […]
On May 4, 2020, Washington Governor Jay Inslee extended the restrictions set forth in his Stay Home-Stay Healthy proclamation through May 31, 2020, and released a Start Safe Washington plan that reopens the state’s economy in four phases. Under this phased reopening plan, some businesses may reopen as early as Tuesday, May 5, 2020, […]
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) gives the opportunity for (1) employers to potentially defer the deposit and payment of the employer’s share of Social Security taxes; and (2) self-employed individuals to potentially defer payment of certain self-employment taxes. This is a welcome relief to many businesses struggling to cover operating costs […]
In December 2017, the Tax Cuts and Jobs Act created a new section to the Internal Revenue Code – Section 199A. In its simplest form, Section 199A allows owners of pass-through business entities (such as sole proprietorships, partnerships, limited liability companies, and S corporations) to deduct up to 20% of their qualified business income on […]
IRS Issues Regulations on 20% Pass-Through Deduction On August 9, 2018, the IRS issued proposed Treasury Regulations to provide administrative guidance on one of the more drastic changes to the Internal Revenue Code contained in the Tax Cuts and Jobs Act, which was passed at the end of last year. Specifically, the newly proposed Treasury […]
In 2015, Congress passed the Fixing America’s Surface Transportation (FAST) Act, which requires the State Department to deny an individual’s passport application and revoke or limit an individual’s passport if the IRS has certified to the State Department that the individual has a “seriously delinquent tax debt.” After several years of non-enforcement, the IRS appears […]