New business owners and managers need to clearly understand tax and reporting requirements for their enterprises. Washington state has made this responsibility fairly straightforward by linking you with its regulatory agencies via the master business license process. In addition to complying with state tax and reporting requirements you will also need to comply with Federal Internal Revenue Service (IRS) regulations.
Once you apply for a master business license you will receive a Uniform Business Identifier (UBI) number. This gets you established within Washington State's system and you will receive notices, forms, and pertinent information from all state agencies you need to report to as you operate your business.
Internal Revenue Service reporting requirements vary significantly from business to business so we recommend you consult with a qualified accountant or tax advisor regarding your federal reporting and tax obligations. You will definitely need to obtain a Employer Identification Number (EIN) from the IRS if you hire employees.
Here are some helpful links to more information on small business taxation and reporting requirements: