Back in 2020, while COVID was raging on, Congress passed the Cares Act in order to provide relief for those businesses and individuals suffering from the negative effects that COVID was having on our economy. Within the Cares Act there was a credit called the Employee Retention Credit (ERC). The credit provided for a 50%…
I am sure most of us are happy that 2020 is finally over with and we are moving on to a new year, 2021. However, let’s not celebrate too early. With the new year comes new taxes if you are a business owner located in Eugene or are an employee of a business owner located…
There is nothing quite like a deadline to motivate action and the Consolidated Appropriations Act, 2021 (the Act) is certainly no exception. The Act, which is the largest bill ever passed by Congress at over 5,500 pages, contains over $900 billion of additional stimulus funding, and provides for several key tax extenders and other tax…
Funds will be allocated to counties to distribute to businesses that have been hard hit by COVID-19. Governor Kate Brown announced that the state will commit $55 million in financial assistance to support Oregon businesses who have been impacted by COVID-19 restrictions. These funds will be allocated to counties to distribute Read full press release…
Many of you are asking about the forgiveness application process for the Paycheck Protection Program (PPP) funds you received this year. A lot of talk has been going around about when to apply for forgiveness, whether automatic forgiveness is going to happen for PPP loans under $150,000.00, and how your tax returns will be impacted….
What a year 2020 has been? We have had COVID-19, wildfires here in Oregon, a full moon coming on Halloween, and to top it off a Presidential election. Yes, it is that time again where we, as US citizens, have the opportunity to go to the polls and vote for the candidates of our choice. …
Qualified disaster relief payments received by an employee can be excluded from gross income under the Internal Revenue Code Section 139 Once President Trump declared COVID-19 and the Oregon Wildfires a national disaster under the Robert Stafford Disaster Relief and Emergency Assistance Act, and the IRS’s interpretation of the declaration for other tax purposes, it…
You have probably been hearing about the Payroll Tax Holiday executive order signed by President Trump earlier this month. We finally received a little guidance from Treasury on August 29th, via notice 2020-65 (follow this link to the notice: https://www.irs.gov/pub/irs-drop/n-20-65.pdf ). However, there are still a lot of unanswered questions, and we are urging all…
The Supreme Court is expected to render a decision in 2021 on the validity of the 2010 Patient Protection and Affordable Care Act (ACA) that may impact certain taxes you paid in prior years. There is a remote possibility that the 3.8% net investment income tax, the 0.9% additional Medicare tax, and the individual mandate…