Brett Durbin

Nov 26, 2024 | mondaq.com | Scott Edwards |Brett Durbin |Lewis Horowitz |Aaron Johnson

The failure of an initiative to repeal the state capital gains tax has emboldened three Seattle council members to float a Seattle city capital gains tax modeled on the state tax. As lawyers, we do not want to take a position on the wisdom of this policy; that is for voters and elected officials. However, we do want to explain why such an effort is not likely to survive the judicial review that will surely follow. Seattle, unlike the state, does not have plenary taxing authority.

Nov 25, 2024 | mondaq.com | Scott Edwards |Brett Durbin |Lewis Horowitz |Aaron Johnson

The failure of an initiative to repeal the state capital gains tax has emboldened three Seattle council members to float a Seattle city capital gains tax modeled on the state tax. As lawyers, we do not want to take a position on the wisdom of this policy; that is for voters and elected officials.However, we do want to explain why such an effort is not likely to survive the judicial review that will surely follow.

Nov 12, 2024 | mondaq.com | Lewis Horowitz |Aimee Miller |Brett Durbin |Scott Edwards

On November 5, Washington state's voters rejected ballot initiative I-2109 that would have repealed Washington state's 7-percent capital gains tax. As a reminder, we previously discussed the capital gains tax here. And as we predicted, this tax caused many to move from or avoid the state entirely (make sure to check our checklist here if you need to leave the state).

Oct 30, 2024 | mondaq.com | Brett Durbin |Scott Edwards |Aaron Johnson |Aimee Miller

What Happened In a 7-2 decision, the Washington Supreme Court upheld the Department of Revenue's reversal of its long-standing interpretation of the Business and Occupation (B&O) tax investment deduction in Antio LLC v. Department of Revenue, Wash., No. 102223-9. Since the statute was amended in 2002, the Department had allowed the deduction for any investment income, so long as the taxpayer was not a banking, lending, or security business as defined in the 2002 legislation.

Oct 29, 2024 | mondaq.com | Brett Durbin |Scott Edwards |Aaron Johnson

It's that time of year again for your annual Washington tax reminder: if you report under the Service and Other Activities classification or have apportionable income or royalty income in Washington state, the scary 13th return—the Annual Reconciliation of Apportionable Income—is due by Thursday, October 31. Missing this deadline could result in a 29-percent penalty. What does this return do? It allows you to adjust your Washington apportionment calculation for the preceding calendar year.