American Rescue Plan Act signed into law – Tax provisions included

The third round of coronavirus relief legislation is intended to offer economic aid to businesses and self-employed, but also includes additional direct payments to and other forms of tax relief and credits for individual taxpayers. Key tax provisions have been outlined in this detailed post from Shannon & Associates…

Alert: Year-end Reminder – Winter 2020

Don’t lose valuable deductions or incur additional costs. Special Reporting Required: The IRS requires special reporting for fringe benefits for S- Corporation owners who own more than 2% of the business. Certain family members including spouse, child, parent and grandparent of the S-Corporation owner and who works for the S-Corporation are also…

Oregon Corporate Activity Tax – DOR Issuing Notices

The Oregon Department of Revenue (DOR) has recently begun issuing notices regarding the Oregon Corporate Activity Tax (CAT) to taxpayers with business activity within the state. The CAT is effective for tax years beginning on or after January 1, 2020, making 2020 the initial year of implementation.

Estate Tax Planning: It is Time To Do Some Work

If your estate as a married couple is worth more than $10 million dollars (or if you are single and your estate is worth more than $5 million), it is time to review your estate planning documents. Under current federal estate tax laws, a married couple can die with $23.18 million dollars and not pay any federal estate taxes. That may…

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