Child Care Subsidy for Beaverton School District Attendance Area

Child care subsidy

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…

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Taxpayer First Act Continued

Taxpayer First act

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…

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Tax First Act

Tax First Act

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…

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Considerations for Utilizing C Corporations Under New Tax Law

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…

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New 20% Deduction Available For “Qualified Business Income” (“Pass-Through” Income)

Deduction available for qualified business income

There is a significant new tax deduction that provides a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or sole proprietorship (i.e., “pass-through” income).  The deduction is equal to 20% of the pass-through entity “qualified business income (QBI).” This is defined as the net amount of items of…

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New Statewide Transit Tax

New Statewide Transit tax

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…

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Qualified Business Income (Pass-Through) Under the Newly Enacted Tax Law

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…

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New Due Date for Foreign Bank Account Reporting

New Due date for Foreign bank account reporting

If you’ve ever filed a foreign bank account report (FBAR), then June 30 may be ingrained in your memory as the filing deadline. It had been crucial to remember that date for two reasons: It was out of sync with other individual filing deadlines There was no extension available In my practice, I saw taxpayers fall…

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