Now that we are in the middle of the summer and busy with summer activities, you may or may not have heard that the 2017 Oregon legislative session has ended. Is some ways it has been a busy year for the Oregon legislators. Below is a summary of the significant business law changes, as well…

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Comedian Brian Regan recounts: I was at the breakfast table this morning and I read in the newspaper that more and more adults are living at home with their parents. That surprised me, I was like “Mom did you read this?!?” Regardless of what their ever-so-clever children are doing, the somber truth is, more than…

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United Airlines will lose hundreds of millions in revenue for the public relations disaster dragging a customer off their airplane widely seen in a video gone viral; while the IRS will gain hundreds of millions in revenue for their public relations fortune dragging Wesley Snipes to jail and confiscating Tori Spelling’s bank account widely seen…

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Tax Scams

Tax scams have been increasing in number and complexity over the years. The IRS has seen an approximate 400 percent surge in phishing and malware incidents so far in the 2016 tax season. These scams have the intent of getting payment or information from taxpayers. Some of the latest methods include: Tax payments through iTunes…

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Companies have doubled their after tax income by using it, Forbes magazine estimate 6,000 companies use it, the Journal of Accountancy estimates 12,000 more companies are overpaying $1 billion in taxes by not using it, few companies appreciate its widespread availability, congress promised to reduce America’s trade imbalance with its creation in creation in 1984…

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Qualified Real Property

Depreciation can be a confusing topic, especially as a property owner. The IRS establishes multiple lives and methods for depreciating assets, making it frustrating and seemingly impossible to determine which life to assign and/or what method to use. Especially confusing can be all the different qualified real property categories and under what circumstances each applies….

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Younger taxpayers often purchase life insurance to care for family members dependent on them if they were to die; but, elderly taxpayers often purchase life insurance to cover estate tax and other financial obligations they are responsible for if they were to die. Are life insurance proceeds taxable? Yes and no. Life insurance policies are…

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2016 Housekeeping

Now that 2016 is coming to a close,  it is time to start thinking about 2017 and all that comes with the new year.  Below is a summary of housekeeping items to keep in mind for the upcoming year. Filing Requirements for 2016 forms in 2017 Form 1099s – Be sure to review your records…

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At age 70 ½, taxpayers are required to take required minimum distributions (RMD’s) from their IRA accounts: the government wants to collect their taxes from the earning retirees accumulated over the years. Failure to do so could generate penalties as high as 50%! In 2015, Congress made a law permanent allowing RMD’s to be directed…

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Taxpayers can save family income and payroll taxes by putting a taxpayer’s child on the payroll of an owner where the mother or father is the owner (or owners of a partnership), and even make retirement plan contributions for a taxpayer’s child. Here the key considerations: Turning high-taxed income into tax-free or low-taxed income. Parents…

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