Entries by IslerNW

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House Votes Monday on Second $2,000 Stimulus Check After Trump Signs Bill

From CNET | written by Jessica Dolcourt President Trump signed the stimulus bill on Sunday night, avoiding the government shutdown. Today, the House will vote on $2,000 stimulus checks. Sunday night, after days of criticizing the $600 second stimulus check, President Donald Trump signed the $2.3 trillion combination federal-budget and COVID-relief billthat joins $900 billion […]

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Oregon Individual Income Tax Guide Revised for 2020

From Thomson Reuters | by Margaret Eisler, Esq. The Oregon Department of Revenue has revised Publication OR-17, Individual Income Tax Guide, for 2020. The publication supplements the Oregon income tax instruction booklet and the IRS Tax Guide: Publication 17, Your Federal Income Tax For Individuals. ( 2020 Oregon Publication OR-17, Individual Income Tax Guide, 11/12/2020 […]

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IP PINs to Be Available to All Individuals in 2021

From the Tax Adviser | By Sally P. Schreiber, J.D. Starting in January, the IRS will allow all individuals to receive an identity protection personal identification number (IP PIN). The IRS announced (IR-2020-267 (https://www.irs.gov/newsroom/national-tax-security-awareness-week- part-3-irs-expands-identity-protection-pin-opt-in-program-to-taxpayers-nationwide)) on Wednesday that it will unveil a portal in mid-January 2021, expanding to all individual taxpayers the opt-in program to […]

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Help Is on the Way – Emergency Coronavirus Relief Agreement Reached

Emergency Coronavirus Relief Act of 2020 Stimulus Payments Unemployment Assistance CDC Eviction Moratorium Paycheck Protection Program Loans Earned Income Tax Credit & Child Tax Credit School Funding Child Care Transportation After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill and the President has said he would sign it. […]

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5 Reasons Why You May Not Receive a Stimulus Check

From Forbes.com | Kelly Anne Smith Forbes Advisor Staff The harsh economic consequences of the COVID-19 pandemic and the widespread shutdowns needed to contain it are starting to set in. More than 30 million Americans have filed for unemployment and more will. In an effort to keep financially distressed Americans afloat, Congress has responded with a […]

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Qualified Opportunity Zone Rules Are Relaxed– Need to identify QOF property by December 31

From The Journal of Accountancy, by Sally P. Schreiber, J.D. In Notice 2020-39, the IRS extended some deadlines for investing in qualified opportunity funds (QOF) and relaxed some investment requirements to make it easier for QOF investors to deal with the coronavirus pandemic. The QOF program created a process for designating certain low-income communities and […]

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Tax Law Changes Allow Year-End Charitable Planning Opportunities

  As the end of the tax year approaches, it is worth spending a few minutes reviewing some of the changes that have been made in the tax laws surrounding donations to charities. In some cases, this guide will serve as a refresher regarding revisions made over the last few years, while in other cases […]

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IRS Releases Inflation Adjustments for 2021

Article Highlights:    Standard Deduction Transportation Fringe Benefits Retirement Plans Contribution Limits SIMPLE Retirement Accounts IRA Contribution Limits Health Flexible Spending Accounts Education Credits Estate Tax Exclusion Annual Gift Exclusion Sec 179 Expensing Deduction Foreign Earned Income Exclusion Alternative Minimum Tax Adoption Credit Tax Rate Schedules To cope with inflation, the tax code requires the IRS […]

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Don’t Miss Out on Year-End Tax-Planning Opportunities

Article Highlights: Unemployment Benefits Taxability To Skip or Not Skip the 2020 Required Minimum Distribution Special Charitable Giving Opportunities Divorced or Separated Planning Issues Potential State Health Insurance Penalties Dealing with Disaster Losses in 2020 Retroactive Kiddie Tax Rules – Amended Opportunity Retroactive Tax Benefits May Provide Refunds Preparing for Home Sale Reporting Avoiding Underpayment […]