Track Your Economic Impact Payment in the New IRS Portal

Track Your Economic Impact Payment in the New IRS Portal

The IRS is planning to create a new, online portal called “Where’s My Economic Impact Payment” where people can obtain details about their payment from the economic stimulus package and also provide their banking information.

Read more

Tax Credit Pays for Keeping Employees on Payroll

Tax Credit Pays for Keeping Employees on Payroll

To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations.

Read more

Stimulus Legislation Includes SBA Loan Forgiveness

Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times.

Read more

Announcement from Isler NW

COVID-19 Guidelines & Rules

CDC Guidelines

  • Practice social distancing – keep a minimum of 6 feet a part
  • Wash hands often, with soap – for 20 seconds minimum
  • Use hand sanitizer only if soap and water are not available
  • Don’t touch your face
  • Say home if you are sick or if a family member is sick
  • Cover mouth and nose a tissue when you cough or sneeze, and then toss the tissue and wash your hands. If a tissue is not available, use the crook of your elbow.
  • Clean and disinfect frequently touched surfaces daily – including tables, doorknobs, light switches, countertops, handles, desks, phones, keyboards, etc.
  • If possible, use disposable gloves when cleaning and toss gloves when done.

Isler Guidelines

  • One person in the hall at a time. If you see someone walking down the hall, go back in their office until things are clear. If there are 2 people in the hallway, then one needs to duck into an empty office until the hallway is clear.
  • Keep your office door closed
  • 1 person in the kitchen at a time
  • Do not stand in line and wait for the copier. Come back.
  • Do not go up to the counter – be aware of the 6 foot social distancing rule. There will be a piece of tape on the carpet to remind you.
  • When you enter or exit the office thru the front door, back into the door so you are not touching the handles.
  • No in office conferences – communications will need to be via email or by phone, or in an area where you can speak keeping the social distancing in mind.
  • Do not use other employee’s phones, desks, offices or other work tools and equipment, when possible.
  • Notify a partner of member of management, if you become ill.
Announcement from Isler NW

Update on Portland and Oregon Tax Deadlines

To our valued clients and friends,

Things are changing by the day as governments continue grappling with ways to provide relief during the Coronavirus Pandemic. Please see below for updates on various taxing jurisdictions:

State of Oregon

Except as specifically stated in this order, this order does not change any other payment, filing or other deadline prescribed by law.

For Personal Income Tax (PIT), Transit Self‐Employment Tax, and Fiduciary Taxpayers

  • The Oregon return filing due date for tax year 2019 is automatically extended from April 15, 2020 to July 15, 2020.
  • The Oregon tax payment deadline for payments due with the tax year 2019 tax return is automatically extended to July 15, 2020.

Estimated tax payments for tax year 2020 are not extended.

The tax year 2019 six‐month extension to file, if requested, continues to extend only the filing deadline until October 15, 2020.

For Corporate Excise/Income Taxpayers:

  • The Oregon return filing due date for tax year 2019 is automatically extended from May 15, 2020 until July 15, 2020. Fiscal year returns due after May 15, 2020 are not extended at this time.
  • The Oregon tax payment deadline for payments due with the 2019 return by May 15, 2020 is automatically extended to July 15, 2020. Payments for fiscal year returns due after May 15, 2020 are not extended at this time.

Estimated tax payments for tax year 2020 are not extended.

Other information

Taxpayers do not need to file any additional forms or call to qualify for this automatic Oregon tax filing and payment extension.

Interest and penalties

As a result of the extension of the due dates for filing Oregon tax returns and making Oregon tax payments to July 15, 2020, interest and penalties with respect to the Oregon tax filings and
payments extended by this Order will begin to accrue on July 16, 2020.

City of Portland & Multnomah County

The City of Portland has followed Oregon’s lead as it relates to a partial movement of due dates:

Portland Arts Education and Access Income Tax (Arts Tax)

  • TAX YEAR 2019 FILING AND PAYMENT DEADLINE: The Revenue Division is automatically extending the Portland Arts Tax return filing and payment due on 4/15/2020 until 7/15/2020.

Portland Business License Tax & Multnomah County Business Income Tax

Including Pay Ratio Surtax, Heavy Vehicle Tax, and Residential Rental Program Fees)

  • TAX YEAR 2019 FILING DEADLINE: The Revenue Division is automatically extending the Portland and Multnomah County business tax return filing due on 4/15/2020 until 7/15/2020. For C-Corporations that have a 5/15/2020 deadline with the State of Oregon, the deadline for the Portland and Multnomah County business tax return filings due on 5/15/2020 is also extended until 7/15/2020. Tax returns due after 4/15/2020 (or 5/15/2020 for C-Corporations) are not extended at this time.
  • TAX YEAR 2019 PAYMENT DEADLINE: The Revenue Division is automatically extending the tax payment deadline for Portland and Multnomah County business tax payments due with the 2019 tax year return due on 4/15/2020 until 7/15/2020. For C-Corporations that have a 5/15/2020 tax payment deadline with the State of Oregon, the deadline for Portland and Multnomah County business tax payments due with the 2019 tax year return due on 5/15/2020 is also extended until 7/15/2020. 2019 tax payments due with returns due after 4/15/2020 (or 5/15/2020 for C Corporations)
    are not extended at this time.
  • TAX YEAR 2020 ESTIMATED BUSINESS TAX PAYMENTS: Estimated Portland and Multnomah County business tax payments for tax year 2020 are not extended. Interest on the underpayment of quarterly estimated payments per PCC 7.02.710 B and the “safe harbor” provisions of PCC 7.02.710 C will still apply.

See their website for further information

CARES ACT – Federal

The President has signed the CARES Act into law. The IRS is being flooded with phone calls from taxpayers asking when their stimulus payment will be received and has asked for people to wait until they’ve had a chance to post some FAQs. The IRS will post additional information about the stimulus payments on their website here:

Next week Isler NW will send out additional information “spotlights” on various aspects of the new CARES Act. As noted above, situations and relief measures are changing by the day and sometimes within the same day. We will continue monitoring these changes and send additional information as it becomes available. We are grateful for our relationship with you and hope you are all staying safe and healthy.

Announcement from Isler NW

Payroll Protection Plan Infographic

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.

Here are the questions you may be asking and what you need to know.

Read more

Announcement from Isler NW

Small Business Paycheck Protection Program

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Read more

Announcement from Isler NW

Update on IRS Relief and SBA Disaster-relief Loans

To our valued clients and friends,

In IRS Notice 2020-18, the IRS granted additional relief to individuals impacted by the Covid-19 virus Pandemic. This Notice supersedes Notice 2020-17 by removing the tax payment limits and automatically moves the tax filing date from April 15 to July 15, 2020.

Read more

Announcement from Isler NW

CARES Act Tax Provision Summary

Dear Clients and Friends:
We hope that you are keeping yourself, your loved ones, and your community safe from COVID‐19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. Below is summary of the tax‐related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law  on March 27, 2020.

Read more

What Does the $2 Trillion Stimulus Package Mean for You?

What Does the $2 Trillion Stimulus Package Mean for You?

The “Coronavirus Aid, Relief, and Economic Security Act” (Cares Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time.

Read more