Notification from Washington Department of Revenue: 2025년 2분기 워싱턴주 판매세율 변경이 있습니다. 2025년 2분기 업데이트는 아래의 Sales Tax Rate Tools 를 통해 자세히 보실수 있습니다. |
2025 Minimum Wage Resources
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Notification from Washington Department of Revenue: 2025년 2분기 워싱턴주 판매세율 변경이 있습니다. 2025년 2분기 업데이트는 아래의 Sales Tax Rate Tools 를 통해 자세히 보실수 있습니다. |
2025 Minimum Wage Resources
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Quarter 2, 2025 Update — Sales Tax Rate Tools The Quarter 2, 2025, Washington State sales tax rate changes are now available. |
2025 Minimum Wage Resources
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Notification from Washington Department of Revenue: 2025년 1분기 워싱턴주 판매세율 변경이 있습니다. 2025년 1분기 업데이트는 아래의 Sales Tax Rate Tools 를 통해 자세히 보실수 있습니다. |
2025 Minimum Wage Resources
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Quarter 1, 2025 Update — Sales Tax Rate Tools The Quarter 1, 2025, Washington State sales tax rate changes are now available. |
2025 Minimum Wage Resources
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Keep in mind that penalties and interest may apply if taxes owed are not paid by the original IRS due dates. For further assistance or to request an extension, please contact our office.
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Happy Holidays from Alisa Na CPAs and Advisors!
With 2025 approaching, we want to share essential tips for our individual and business clients.
The Internal Revenue Service encouraged taxpayers to take key steps now to prepare for filing their 2024 federal income tax returns next year. There are several things’ taxpayers can do to get ready as the end of 2024 nears and the start of the 2025 tax season approaches.
To make tax time easier, taxpayers should establish an adequate record-keeping system, either electronic or paper, to organize all essential documents in one place. This includes year-end income forms such as Forms W-2 from employers, Forms 1099 from banks or other payers, Forms 1099-K from third-party payment networks, Forms 1099-NEC for nonemployee compensation, Forms 1099-MISC for miscellaneous income, Forms 1099-INT for interest income and records of all digital asset transactions.
Having all necessary documentation ensures taxpayers can file an accurate return and reduces the likelihood of processing delays or refund issues.
Please download our 2024 Tax Prep Checklist to help you gather and organize your 2024 Individual Tax documents. We also have a Tax Organizer for Small Business (Sch. C) and Rental Property (Sch. E).
Individuals can create or access their IRS Online Account at Online account for individuals. Currently, the IRS Online Account is not available for Business accounts. With an IRS Online Account, you can:
An IP PIN is a six-digit number that prevents someone else from filing a federal tax return using an individual’s Social Security number or Individual Taxpayer Identification Number. It’s a vital tool for ensuring the safety of taxpayers’ personal and financial information.
The best way to sign up for an IP PIN is through the IRS Online Account. If an individual cannot create an Online Account, alternative methods, such as in-person authentication at a Taxpayer Assistance Center, are available.
Taxpayers with non-wage income—such as unemployment benefits, self-employment income, annuity payments, or earnings from digital assets—may need to make estimated or additional tax payments. The Tax Withholding Estimator on IRS.gov can help wage earners determine if they need to make an additional payment to avoid an unexpected tax bill when filing their return.
Like previous filing years, taxpayers must report all digital asset-related income when they file their 2024 federal income tax return.
When filing 2024 federal income tax returns, taxpayers will be asked to answer “Yes” or “No” to the following question:
“At any time during the tax year, did you:(a) receive (as a reward, award or payment for property or services); or (b) sell, exchange or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”
Taxpayers who answer “Yes” must report all income related to their digital asset transactions.
Be sure to keep records that prove their purchase, receipt, sale, exchange, or any other disposition of the digital assets, and that includes the fair market value, as measured in U.S. dollars, of all digital assets received as income or as a payment in the ordinary course of a trade or business. Information on how to report digital asset transactions, including calculating capital gain or loss, determining basis, and reporting the income on the correct form, can also be found on the digital assets landing page.
Several factors can influence the timing of a refund after the IRS receives a tax return. While the IRS issues most refunds in less than 21 days, taxpayers are advised not to depend on receiving a 2024 federal tax refund by a specific date. Some returns may require additional review and take longer to process if there are possible errors, missing information, or indications of identity theft or fraud.
Additionally, under the PATH Act, the IRS cannot issue refunds for tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) before mid-February.
Filing electronically and selecting direct deposit remains the fastest and safest way for taxpayers to receive their 2024 tax refunds. Direct deposit ensures quicker access to refunds compared to receiving a paper check. Please provide the most updated bank account information to your tax preparer for a faster refund.
If you have questions, be sure to reach out to us.
Dear Clients,
Our office has received inquiries from our clients regarding solicitation text messages, emails, phone calls, and notice mailings they received from third-party solicitors. When you receive a letter from a state or federal agency, pay more attention to it, and if you are in any doubt, never click on a link or scan a QR code. Also, keep your credit card and personal information private over the phone. Please collect the sender/callers’ information, such as name and badge ID information, and directly call the agency instead of calling the number they provide. This is the best way to determine whether the caller was legitimate. We want to alert our clients to common confusing or misleading notices.
We want you to understand how and when the IRS contacts taxpayers and help you determine whether a contact you may have received is truly from an IRS employee.
The IRS initiates most contacts through regular mail delivered by the United States Postal Service. They don’t initiate contact by email, text, or social media to request personal or financial information. There are circumstances in which the IRS will call or come to a home or business. These include when a taxpayer has an overdue tax bill, a delinquent (unfiled) tax return, or has not made an employment tax deposit. Even then, taxpayers will generally first receive several notices and letters from the IRS in the mail.
Please use caution when you receive correspondence from an unknown party. Verify the sender. We ask our clients to become familiar with these fraudulent messages, not to respond, not to click on links, not to scan QR codes, and never to provide their personal information.
If you have questions, be sure to contact us. Our entire team is here to support and guide you.
Sincerely,
ALISA NA CPAs & Advisors
This is a friendly reminder that the due date to file the October 2024 Washington State Department of Revenue excise tax return is approaching.
If you have not provided the information to our office yet, please send us your October* sales (or Quarter sales for Quarterly fliers and Annual sales for Annual fliers) information by Monday morning (11/18/24) to ensure timely filing.
Corporate Transparency Act: Beneficial Ownership Information Reporting:
The new filing requirement, Beneficial Ownership Information Reporting (BOI) to FinCEN started in 2024. This requirement applies to all businesses that are registered with the State to engage in business. https://fincen.gov/boi.
Please keep in mind the following filing deadlines based on your company’s creation date, and make sure you comply:
Notification from Washington Department of Revenue:
Local sales tax rates in the following areas will change beginning January 1st, 2025:
A complete list of location codes and tax rates can be found here on the website.
2025 Minimum Wage Resources
Washington State: https://www.lni.wa.gov/news-events/article/24-24
The Washington State Department of Labor & Industries (L&I) announced an increase in the state’s minimum wage to $16.66 per hour, effective on January 1, 2025.
Starting January 1, 2025, all employers, regardless of schedule size, will be required to pay the same minimum wage of $20.76 per hour. Small employers will no longer be able to count tips and/or payments toward an employee’s medical benefit plan toward an employee’s minimum compensation requirements under Seattle’s Minimum Wage Ordinance.
Bellingham: https://cob.org/services/business/city-minimum-wage
Starting May 1, 2025, the city minimum wage will be set at $2.00 above the applicable Washington State minimum wage. Every year after, starting in 2026, the city minimum wage will be set at $2.00 above the applicable Washington State minimum wage, effective on January 1 every year. The city will establish the city minimum wage within two weeks of the publication of the new state minimum wage.
Burien: https://www.burienwa.gov/city_hall/laws_regulations/minimum_wage
Employers with 20 or fewer full-time equivalents (FTEs) are exempt from the ordinance.
“Level 1 employer” means all employers, including franchisees, that employ more than 500 FTEs in King County or franchisors who employ more than 500 FTEs in the aggregate. Effective January 1, 2025, at 12:01 a.m., Level 1 employers shall pay each employee an hourly minimum wage of at least $3.00 over the Washington State hourly minimum wage.
“Level 2 employer” means all employers, including franchisees, that employ 21 – 499 FTEs in King County. Effective July 1, 2025, at 12:01 a.m., Level 2 employers shall pay each employee an hourly minimum wage of at least $2.00 over the Washington State hourly minimum wage.
“Level 3 employer” means all employers with 20 or fewer FTEs. Employers with 20 or fewer FTEs are exempt from this ordinance.
Renton: https://www.rentonwa.gov/city_hall/finance/2024_labor_standards
Covered employers will be required to pay a new higher minimum wage for hours worked in the City. Covered employers are required to pay employees not less than the minimum hourly wage as follows:
SeaTac: https://www.seatacwa.gov/home/showpublisheddocument/38011/638634620180370000
2025 Minimum Wage: $20.17 per hour
The increase in the living wage rate (2.35%) has been calculated using the consumer price index for urban wage earners and clerical workers, (CPIW) for the twelve (12) months prior to September 1 as calculated by the United States Department of Labor. Therefore, in accordance with SeaTac Municipal Code (SMC) Section 7.45.050, the living wage rate in effect for hospitality and transportation employees within the City will increase to $20.17, effective January 1, 2025.
Effective January 1st, 2025, Tukwila Minimum Wage hourly rates will be:
(On July 1st, 2025, mid-size employers are required to increase their minimum wage rate to equal the large employer rate of $21.10) Going forward, mid-size employer minimum wage will be the same as the large employer rate.
If you have questions, be sure to reach out to us.
Sincerely,
ALISA NA CPAs & Advisors