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…
If you operate an Oregon small business in the travel and tourism industry, you may be eligible for a Travel Oregon grant of up to $10,000.00. The application process opened May 11, 2020, and will close at 5 p.m. Friday, May 15, 2020. The award decisions will be announced on June 3 through email. Preference…
The Oregon Department of Revenue has released new guidance which allows sellers in Oregon to exclude certain income from Oregon’s Corporate Activity Tax (CAT). A seller may exclude receipts from a sale to a wholesaler in Oregon if the wholesaler can certify it has the intent to resell the property out of state. To do…
Amid the current pandemic, and loss in revenue, many taxpayers are asking how they will be able to pay their tax bill. This is a common issue for taxpayers, even among careful and successful clients when unforeseen circumstances such as the Coronavirus arises. First, remember, the IRS is not trying to make you bankrupt, destitute,…
When a couple is drafting estate documents, the lawyer will setup provisions for how the estate is to be distributed upon the death of the first spouse. Many attorneys and clients will ask their tax accountant what their will should say. The only truthful answer is, “it depends what you want to happen.” The most…
A 529 plan is tax benefit that is designed to promote saving for college. Typically, a taxpayer will contribute to a 529 plan because it allows an individual to make significant contributions with money that grows tax- free. Money from a 529 plan can be used to pay for any college related expenses, including, but…
Last week, congress passed new tax legislation. Among the important provisions, some of the taxpayers effected by this legislation include: those who itemize for medical and dental expenses, or mortgage insurance premiums; have tuition & fees deductions; investors in empowerment zones; solar, business and non-business energy efficient property purchasers; employers providing Family and Medical Leave;…
As the end of 2019 approaches, more and more information and guidance is released by the IRS relating to the Tax Cuts and Jobs Act, as well as guidance relating to a number of different areas not impacted by the landmark tax reform act. While one of the claimed benefits of tax reform was the…
As year-end approaches, each business should consider the many opportunities that might be lost if year-end tax planning is not explored. A business may want to consider several general strategies, such as use of traditional timing techniques for delaying income recognition and accelerating deductions. A business should also consider customized strategies tailored to its particular…