From the team at McMinnville CPA, we wanted to wish you a Happy Holidays! With year-end rapidly approaching, we wanted to let you know what to expect for the upcoming tax season! Firm Holiday Break In order to spend with…
We would like to share that effective immediately, our esteemed colleague and co-founder, Josh Mohr, CPA, has departed the firm.
Hello and welcome to summer! The world is changing and so are we. To prepare for the upcoming tax season we are implementing a few changes and we want to ensure that we let you know well in advance. Many…
On Friday, November 13, 2020, Governor Kate Brown announced the state of Oregon is being placed on a two-week freeze starting Wednesday, November 18, 2020. Much like your business, we are affected and have to close access to our office…
Hello and Happy Soon to be Holidays! We are rapidly approaching the end of an eventful 2020. As we get closer to the end of the year, there are a few items we wanted to make you aware of. Winter…
Hello and Happy Summer, As many of you may know, after 39 tax seasons providing professional accounting services to McMinnville and the surrounding region, Steve Fitzpatrick officially retired on June 30th, 2020. Over the last year, Steve has been working…
On March 20, 2020, it was announced by Treasury Secretary Steven Mnuchin that due to the ongoing Coronavirus emergency the filing deadline of April 15, 2020, has been officially moved to July 15, 2020. This extended filing date applies to…
The Internal Revenue Service recently released IRS Notice 2020-17 outlining tax payment relief for taxpayers due to COVID-19 (Coronavirus) pandemic. In the media there has been uncertainty as to when are my taxes due and when do I have to…
We are happy to announce as of Monday, November 18, 2019, our office has moved to a new location. We are now located at 2270 SW 2nd St, Suite C. in McMinnville. For those who have not yet been to…
As of July 1, 2019, minimum wage workers across Oregon will be receiving a wage increase due to 2016 Oregon Legislature, Senate Bill 1532. Beginning July 1, 2016, it calls for an annual minimum wage increase. These prescribed increases will…
On Friday, December 14th, 2018, the IRS released the 2019 standard mileage rates with notice 2018-251. These are very important numbers which are used for many calculations such as mileage reimbursements, expenses related to driving for businesses, medical mileage, and…
On Friday July 13, 2018, the IRS announced they will be publishing regulations related the suspension of miscellaneous itemized deductions and how it impacts non-grantor trusts and estate filings starting with tax year 2018. Currently the Tax Cuts and Jobs…
The 2017 Federal Form 1040, U.S. Personal Income Tax Return is 79 lines long consisting of a slew of income items, deductions, non-refundable credits, additional taxes, and refundable credits. The latest draft 2018 Federal Form 1040 Simplified, U.S. Personal Income Tax Return only has 23 lines. What happened to the other line items? Majority of those items have now been moved to six different tax schedules that can be attached to the Form 1040 Simplified.
As of July 1, 2018, there are two new changes that are in place for employers and employees in the state of Oregon. Minimum wage will be receiving an increase and there is a new tax that has begun as…
As of July 1, 2018, minimum wage workers across Oregon will be receiving a wage increase due to 2016 Oregon Legislature, Senate Bill 1532. Beginning July 1, 2016, it calls for an annual minimum wage increase. These prescribed increases will…
Starting July 1, 2018 employers are to begin withholding one-tenth of a percentage or 0.1% for all wages earned in Oregon. This includes wages of all Oregon residents regardless of where the work is or was performed and wages of nonresidents who perform services in Oregon.
The Tax Cuts and Jobs Act, which was passed in December of 2017, brought large scale changes across the board. It significantly changed the landscape for taxes in general and in the realm of estate planning. It moved the estate exemption from $5,490,000 in 2017 to $11,200,000 per individual, meaning for federal estate tax purposes up to $11,200,000 of assets can pass to a non-spouse upon passing, free of Federal Estate Tax.
Just when we thought all was said and done and final for the 2017 tax law, 31 items that had expired as of December 31, 2016 have been brought back, most with a new December 31, 2017 expiration date.
There are changes across the board related to the Tax Cuts and Jobs Act signed into law in December of 2017. There are specific items relevant to wineries and vineyards.
As we said goodbye to 2017, we quickly rolled into the 2018 filing season. It is important to be aware of filing deadlines to ensure no filings are missed and all of the proper forms are filed with the correct agencies.