[Board1] FW: The Washington State Department of Revenue has recently taken action on the following Rules and Interpretive Statements:

George Peters execdirector at washingtonlandtitle.com
Wed May 29 08:43:33 PDT 2024 

This has an interesting topic that would seem relevant to the similar issue facing title companies:

 

EXCISE TAX ADVISORIES (ETA) DRAFT

 

ETA 3144 Taxability of Mortgage Escrow Receipts - This Excise Tax Advisory (ETA) provides guidance on whether funds collected and deposited in escrow accounts by mortgage lenders or servicers, for the purposes of paying insurance premiums, property taxes and other charges associated with the property on behalf of the mortgagee, constitute gross income to the mortgage lender or servicers. 

 

By the way – is anyone aware of this issue being imposed on private escrow companies? Or lenders who collect a recording fee for recordation of a release/satisfaction or modification? These are small transactions of course.

 

George

 

George Peters, WTP

Executive Director

Washington Land Title Association

 <https://washingtonlandtitle.com> https://washingtonlandtitle.com 

Mail: PO Box 328, Lynnwood, WA 98046

Delivery: 6817 208th St SW, #328, Lynnwood, WA 98036

206-437-5869 (Mobile)

206-260-4731 (Fax)

 <mailto:execdirector at wltaonline.org> execdirector at washingtonlandtitle.com

 



This is a confidential communication intended solely for the named recipient. If you are not the intended recipient, please destroy it and call George Peters at 206-437-5869 immediately. Thank you.

 

From: Washington Department of Revenue <WADOR at public.govdelivery.com> 
Sent: Wednesday, May 29, 2024 8:33 AM
To: execdirector at washingtonlandtitle.com
Subject: The Washington State Department of Revenue has recently taken action on the following Rules and Interpretive Statements: 

 

	
 





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The Washington State Department of Revenue has recently taken action on the following Rules and Interpretive Statements: 


May 29, 2024


Link for Interpretive Statement Proposals:  <https://2yd1749y.r.us-west-2.awstrack.me/L0/https:%2F%2Fdor.wa.gov%2Flaws-rules%2Frule-making-activities%2Fdraft-tax-advisories-etas-ptas/1/0101018fc4fbf7cd-a1d46ba3-7be3-4c04-af1e-930f2b631785-000000/2_0AEBocoCmpCxJNvZsMavKjyEk=377> Draft Excise Tax Advisories

Title


ETA 3144

Taxability of Mortgage Escrow Receipts


ETA 3205

Taxability of Telecommunication Support Payments

Note: Please be sure you have downloaded -- and installed -- the most recent version of Adobe Acrobat Reader.  The free reader can be downloaded at the following link:   <https://2yd1749y.r.us-west-2.awstrack.me/L0/https:%2F%2Fget.adobe.com%2Freader%2F/1/0101018fc4fbf7cd-a1d46ba3-7be3-4c04-af1e-930f2b631785-000000/TDO3T9CpFDw2wmUrw2Gx0ySKkls=377> https://get.adobe.com/reader/.


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EXCISE TAX ADVISORIES (ETA) DRAFT

ETA 3144 Taxability of Mortgage Escrow Receipts - This Excise Tax Advisory (ETA) provides guidance on whether funds collected and deposited in escrow accounts by mortgage lenders or servicers, for the purposes of paying insurance premiums, property taxes and other charges associated with the property on behalf of the mortgagee, constitute gross income to the mortgage lender or servicers. 

Planned stakeholder meetings None at this time.

Public comment period The Department requests comments and stakeholder feedback related to this Draft ETA no later than June 17, 2024. After a review of the feedback, if any, the Department will consider the appropriate next steps in the process.

General questions and/or how to make a public comment If you wish to make a public comment or have general questions about this ETA, contact Brett Grannemann at  <mailto:BrettG at dor.wa.gov> BrettG at dor.wa.gov. Any written comments received will be retained as part of the official Tax Advisory File.

 

ETA 3205 Taxability of Telecommunication Support Payments -This Excise Tax Advisory (ETA) addresses the taxability of telecommunications support payments and miscellaneous fees received by telecommunications service providers. While this is an area that may evolve depending on federal and state regulatory requirements, the ETA provides a framework for understanding how these types of payments are taxed under Washington’s business and occupation (B&O) tax, retail sales tax, and the 911 and 988 excise taxes. This ETA does not address the tax treatment of support payments received for providing internet access.

Planned stakeholder meetings None at this time.

Public comment period The Department requests comments and stakeholder feedback related to this Draft ETA no later than June 17, 2024. After a review of the feedback, if any, the Department will consider the appropriate next steps in the process.

General questions and/or how to make a public comment  If you wish to make a public comment or have general questions about this ETA, contact Darius Massoudi at  <mailto:DariusM at dor.wa.gov> DariusM at dor.wa.gov. Any written comments received will be retained as part of the official Tax Advisory File.


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