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DOR Information Press

DOR Special Notice – Workforce Education Surcharge passed by House Bill 2158 on November 5, 2019 to become effect 2020 – NOT WHAT YOU THINK!



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DOR Special Notice – Workforce Education Surcharge passed by House Bill 2158 on November 5, 2019 to become effect 2020 – NOT WHAT YOU THINK!

Imposes a 66.66 percent B&O surcharge on the income from service and other activities of advanced computing businesses with revenue of more than $100 billion. Establishes a Workforce Education Investment Account

To learn more about this new surcharge, please visit this webpage.
https://app.leg.wa.gov/billsummary?BillNumber=2158&Initiative=false&Year=2019


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Doing business on the go? Download the free mobile tax rate app!



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Doing business on the go? Download the free mobile tax rate app!

Washington State Department of Revenue has developed a new app for both Android and IOS systems that lets you calculate the correct sales tax for your current location. Make business easier by saving and downloading tax rates for multiple locations so you never have to calculate the rate for your frequent customers.

 
 
 
 
 
 
**The following links to mobile app software are provided “AS IS” and are intended for information purposes only.

Main features:

  • Find the WA combined state and local tax rate at your current location using GPS, or by looking up an address
  • Easily name, save, update, and share locations— no login required
  • Enter your taxable amount for each location, and the sales tax and total charge will be calculated for you
  • Share location and rate information via email or text message
  • Download or share a spreadsheet with all of your saved addresses, location codes, and calculations
  • View locations on a satellite map
  • Confirmation code generated by each search to save for audit purposes

*The app does not currently provide lodging or motor vehicle sales and rentals rates. Visit our sales and use tax page for those rates.
Never used the app? Read about the main features below by clicking this link:
https://dor.wa.gov/find-taxes-rates/sales-and-use-tax-rates/mobile-apps
DISCLAIMER: The accuracy of this information is subject to the source material found at the link listed below.  Manning & Associates, its affiliates, employees, and assignees provide this information “AS IS” for informational purposes only.  If this material is subject to copyright laws and is not subject to fair use, please contact Manning & Associates to have the offending material removed.
Source: https://dor.wa.gov/find-taxes-rates/sales-and-use-tax-rates/mobile-apps

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IRS Press

Virtual Currency – What you need to know about some IRS changes



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Virtual Currency – What you need to know about some IRS changes

POSTED FOR EDUCATIONAL PURPOSES
IRS NEWS-WIRE – Issue Number:    IR-2019-132

IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts

WASHINGTON — The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

The IRS started sending the educational letters to taxpayers last week. By the end of August, more than 10,000 taxpayers will receive these letters. The names of these taxpayers were obtained through various ongoing IRS compliance efforts.

For taxpayers receiving an educational letter, there are three variations: Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.

Taxpayers are pointed to appropriate information on IRS.gov, including which forms and schedules to use and where to send them.

Last year the IRS announced a Virtual Currency Compliance campaign to address tax noncompliance related to the use of virtual currency through outreach and examinations of taxpayers. The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.

Virtual currency is an ongoing focus area for IRS Criminal Investigation.

IRS Notice 2014-21 states that virtual currency is property for federal tax purposes and provides guidance on how general federal tax principles apply to virtual currency transactions. Compliance efforts follow these general tax principles. The IRS will continue to consider and solicit taxpayer and practitioner feedback in education efforts and future guidance.

The IRS anticipates issuing additional legal guidance in this area in the near future.

Taxpayers who do not properly report the income tax consequences of virtual currency transactions are, when appropriate, liable for tax, penalties and interest. In some cases, taxpayers could be subject to criminal prosecution.

More information on virtual currencies can be found on IRS.gov.

Courtesy of IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe.  This message was distributed automatically from the mailing list IRS Newswire.


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  • Address: Manning & Associates, LLC
    2602 N Proctor St #201 Tacoma, WA 98407


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  • Mon-Fri: 9AM – 4PM

Links


About Us


Our Services


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Contact Us


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