The Nov. 2024 Washington Supreme Court ruling affects B&O tax on investment income with some key concerns for private schools:
- Potential B&O tax on non-endowment investment income
- Impact on operating reserves and short-term investments
- Possible retroactive collection of back taxes
WFIS is communicating with private school CFOs, the Independent Colleges of Washington, and the Nonprofit Association of WA to determine how to prevent the Antio Decision from impacting private K12, higher education institutions, and other nonprofits.
For additional details, this article offers a summary: https://www.bdo.com/insights/tax/state-supreme-court-decision-prompts-washington-to-rethink-its-b-o-investment-income-rules.
