Posts by Jeff Michael

Amid the coronavirus crisis, the IRS announced regulations granting low-income taxpayers an avenue to waive the $205 fee imposed on Offers In Compromise (OIC) applications.  An OIC is an agreement between a taxpayer and the IRS to settle tax debt for less than the full amount owed, and it is one of the prime ways…

Washington County has secured a grant through the federal CARES Act to provide child care subsidies to parents/guardians. The Beaverton School District will be distributing approximately $2.4 million to families who are eligible and apply for these subsidies. In other words, if you pay for child care, you could be eligible to receive money to…

Continuing from our post on Wednesday, here’s additional information that we thought would be important to share! IRS must give notice of intent to contact third parties Beginning August 15, 2019, the IRS must not contact any person other than the taxpayer regarding the determination or collection of tax liability without giving notice to taxpayers…

H.R. 3151, the “Taxpayer First Act” was signed into law on July 1, 2019, to modernize and improve the Internal Revenue Service.  The Taxpayer First Act changes a wide variety of matters under the Internal Revenue Code.  The biggest changes include the creation of the Independent Office of Appeals, a reduction of the financial burden…

While the reduced 21% tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been wonderful news for these entities and their owners, there are fundamental tax principles that largely remain unchanged that should remain in consideration. 1. C Corporations are subject to double taxation – Double taxation transpires when corporate income is…

As a result of the 2017 legislative session, effective July 1, 2018, all employers in Oregon are required to withhold, report and remit one-tenth of one percent (.001%) of wages paid to their employees to the Department of Revenue. The term “employee” is defined as those who are residents and those non-residents performing services within…

Just before Christmas, President Trump signed legislation providing a significant new tax deduction taking effect in 2018. This should provide a substantial tax benefit to individuals with “qualified business income” (QBI) from a partnership, S corporation, LLC, or sole proprietorship. This type of income is sometimes referred to as “pass-through” income. In general, the deduction is…