Announcement from Isler NW

Important information for any business who has received a PPP loan – this will be of interest to you.

To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.

This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. All Borrowers must submit (1) and (2) to their Lender.

Click the link below to fill or print the application.

Download Form Here

Couples and COVID-19: Here are 5 Ways to Work Together During the Pandemic to Protect Your Finances

Couples and COVID-19: Here are 5 Ways to Work Together During the Pandemic to Protect Your Finances

The coronavirus pandemic has changed our lives in many ways, and whether you’re thinking about the physical and social aspects or the financial aspects, there is no clear end in sight. The American economy has fallen to a dramatic degree, and an astounding number of people have lost their jobs or been furloughed for an indefinite period of time.

If you and your partner are among the millions whose finances have been impacted by current events, now is the time to make sure you have a plan in place to allow you to work together through the crisis. There are many positive, constructive steps you can take that will make sure you’re both on the same page and understand your priorities and needs. We suggest starting with the following five steps.

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Announcement from Isler NW

Spotlight: How to Apply for Advance Payment (Refund)

The IRS has issued a final version of Form 7200 (Advance Payment of Employer Credits Due to COVID-19) and its accompanying instructions on March 31, 2020. Sick and family leave credits. The Families First Coronavirus Response Act (FFCRA) requires eligible employers to provide paid sick leave and expanded family and medical leave for COVID-19 related reasons and offsets the costs of providing required leaves with refundable paid tax credits for eligible employers. Eligible employers are businesses and tax-exempt organizations with fewer than 500 employees that are required to provide emergency paid sick leave and emergency paid family leave under the FFCRA.

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Announcement from Isler NW

Spotlight: Deferral of employment tax deposits and payments through December 31, 2020

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.
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Announcement from Isler NW

Spotlight: Employee Retention Credit under the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit).

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Creating an Emergency Fund to Help You Weather a Storm Like COVID-19

Creating an Emergency Fund to Help You Weather a Storm Like COVID-19

For years, experts have been saying that everyone – including average citizens – needs to have some type of emergency fund in place to help them get through any “rainy days” that may lie ahead. The advice usually varies depending on the source, but most recommend having an emergency fund equivalent to at least three months of a person’s income ready to go in the event that they need it.

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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.

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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.

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