Oregon Individual Income Tax Guide Revised for 2020

Oregon Individual Income Tax Guide Revised for 2020

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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:…
IP PINs to Be Available to All Individuals in 2021

IP PINs to Be Available to All Individuals in 2021

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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-…
Help Is on the Way – Emergency Coronavirus Relief Agreement Reached

Help Is on the Way – Emergency Coronavirus Relief Agreement Reached

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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 …
5 Reasons Why You May Not Receive a Stimulus Check

5 Reasons Why You May Not Receive a Stimulus Check

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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…
Need to identify QOF property by December 31st

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

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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…
Tax Law Changes Allow Year-End Charitable Planning Opportunities

Tax Law Changes Allow Year-End Charitable Planning Opportunities

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  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…
IRS Releases Inflation Adjustments for 2021

IRS Releases Inflation Adjustments for 2021

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Article Highlights:    Standard Deduction Transportation Fringe Benefits Retirement Plans Contribution Limits SIMPLE Retirement Accounts IRA Contribution Limits Health Flexible Spending Accounts Education Credits …
Don’t Miss Out on Year-End Tax-Planning Opportunities

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

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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…

Big Tax Breaks for Hiring Your Children in the Family Business

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Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans With jobs at a premium during…
Beware of New Text Scam Related to Stimulus Payments

Beware of New Text Scam Related to Stimulus Payments

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Article Highlights: New Clever Scammer Scheme Uses Economic Impact Payments as Bait The Text Message How to Report a Scam How to Correctly Provide Information to Claim a Payment The IRS has warned taxpayers of a clever scheme…