Washington State Department of Revenue enacts new tax rules for service businesses
The Washington State Department of Revenue has passed a new rule that provides formulas for calculating business and occupation tax liability when a company generates income from activities both inside and outside the state.
The rule requires companies to use separate accounting methods
Companies must use a cost-basis method of appointment if accurate records aren't available or separate accounting is impractical.
WAS 458-194 (Rule 194) affects service businesses such as attorneys, architects and engineers based either inside the state or doing business outside of Washington, or based outside of Washington doing business in the state. It does not affect financial institutions.
The Department of Revenue will hold workshops throughout the year and has developed an online tutorial.
For more information, visit www.dor.wa.gov.
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