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Washington Capital Gains Tax Update

TrustBank

You may recall that in 2021 Washington state passed legislation to implement a 7% capital gains tax on certain asset sales, with the tax applying to profits that exceed $250,000. The assets subject to this tax are, in general, stocks, bonds, business interests, and tangible property, but not real estate.

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3 Ways to capitalize on your tax season engagements

Abrigo

Every year, accountants brace themselves for the inevitable tax season. For many accountants, unfortunately, tax season means that lucrative consulting work that can diversify revenue and bolster firm growth throughout the year gets put on hold in order to handle the mountains of personal and business tax returns.

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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program.

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In South Korea, Treating (And Taxing) Crypto Gains As Income

PYMNTS

To get a better handle on crypto – and to boost government coffers, perhaps – change the tax designation (and rules, of course). Under rules governing “other income,” a 20 percent rate is levied on 40 percent of total other income; the remaining 60 percent can be tax-deductible. Tax Policy Still Fluid.

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Aussie Tax Office Reminds SMBs To Pay Debt

PYMNTS

Small and medium-sized businesses (SMBs) in Australia are being reminded by the country’s tax office that owing money to the agency is not OK, Broker News reported Friday (Feb. 13) that SMBs will soon face new risks for holding off on tax payments and using the Australia Tax Office (ATO) “as a bank.”.

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Bitcoin Daily: S Korea Eyes New Crypto Income Tax; Less Network Traffic Causes Drop In Bitcoin Fees

PYMNTS

South Korea is pondering a modification to its tax law which could place taxes on cryptocurrencies. Though not much information is currently available, the new rules could impose restrictions on profitable sales of cryptocurrency and revenues gleaned from national crypto-mining projects, according to Cointelegraph.

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Hacker Tracker: The Evolving Threat Of Tax Fraud

PYMNTS

Earlier this year, the Treasury Inspector General for Tax Administration reported that there was a reduction in the number of fraudulent tax returns identified between 2013 and 2015. What’s Next In Tax Fraud. Cybercriminals aren’t always going to go after credit card information, because they don’t have to.

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