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…
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…
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.
It is official! The state of Oregon has approved a $463 million kicker related to the 2016 tax year. The surplus means that the State of Oregon will be kicking income tax dollars back to Oregon taxpayers. Although taxpayers will…
A common question amongst people seems to be, “How do I go about paying less taxes?” As a CPA, I have never heard someone ask, “How can I pay more taxes?” If you are a small business owner, particularly one…