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%…

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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…

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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. …

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Disaster Relief Payments

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…

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Payroll Tax Holiday

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…

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