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…
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…
All information below is based on the current guidance (as 4/24/2020) provided by the Small Business Administration (SBA), CARES Act, and Internal Revenue Service (IRS).. Please remember that additional guidance can be provided at any time by the SBA or IRS and therefore please do not rely solely on this page. Please contact Isler CPA…
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…
The U.S. Small Business Administration has approved Oregon for loans to assist with costs of the coronavirus situation. These loans apply to businesses of all size, private nonprofits, homeowners and renters. For businesses, the loan can be as much as $2 million for physical damage, or as much as $2 million for economic damage for…
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;…
It’s the end of another year, and with it come changes in payroll tax reporting and withholding rates. The following information will be effective for all payroll paid after December 31, 2019. Additionally, we are providing some reminders to help get through the 2019 annual reporting process. PAYROLL REMINDERS Remember to add health insurance for…
As we approach the end of 2019 and get ready for a new tax season, it’s a good time to be thinking about getting your company’s accounting ready for your CPA. By utilizing Isler’s Client Accounting Services (CAS) team in the next few weeks, you can ensure a smooth and timely process for completing your…
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…
Contact our tax team
Eric Bell, CPA, MST
Partner
Joseph Lewis, CPA, JD
Partner
Glenn Munro, CPA
Partner Emeritus
Mary J. Fipps, CPA
Estate & Trust Director