There are two new local income taxes beginning in 2021. They affect individuals who live or work in the Metro District (greater Portland area) and Multnomah County. The Metro District tax also has business tax for entities with more than $5 million in gross receipts. 1. Metro Income Tax for Supportive Housing Services: The program…
Congress originally enacted the employee retention tax credit in the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March of 2020 to encourage employers to hire and retain employees during the pandemic. The credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays…
The IRS is making changes to the Child Tax Credit and qualifying families will receive advance payments of the Child Tax Credit starting this summer. Beginning July 15th, qualifying families will receive half of their total credit in advance monthly payments. The other half will be claimed on their 2021 income tax return. These changes…
Washington State passed a new law to establish public long-term care benefits for residents called “WA Cares.” The program will be paid for by a 0.58% required tax (or $0.58 per $100 of earnings) on employee wages beginning January of 2022. After the vesting period, you will have access to benefits up to $36,500 (lifetime…
IRS Announces Delayed Due Date for Individual Tax Returns – This extension ONLY applies to individual returns. Business, trust & estate returns are still due April 15. The IRS announced that they are extending the time to file personal income tax returns again this year. The new due date to file and pay any taxes due is May…
Washington residents who work for an Oregon employer may allocate their wages for days worked in and out of Oregon. Income tax is due to Oregon only for days worked in the state. Due to Covid-19, more people than ever are working from home. This may be a good opportunity to reduce your Oregon income…
We have had an unusual number of clients who have made payments to the IRS this year of which the IRS has not cashed the check in a timely manner. The IRS had been sending notices of balance due to taxpayers who had already paid their tax. About two weeks ago, the IRS addressed this…
The IRS website to update your bank account information is live today. Click here….
(Updated 4/10/20) IRA ACCOUNTS: TEMPORARY WAIVER OF REQUIRED MINIMUM DISTRIBUTION (RMD) RULES With the CARES Act, IRA participants who are required to take an RMD in 2020 based on the value of their IRA account as of December 31, 2019 now have the option to suspend their distribution for 2020. If you already took an…
