Oregon kicker

The Oregon Office of Economic Analysis has announced that the kicker rate applicable to 2019 tax returns filed in 2020 is 17.171%, the second largest in Oregon history.   The previous high was 18.6% for 2007.  The rate is a sizable increase from the 5.6% kicker...

Health savings accounts

There’s a lot of mystery surrounding Health Savings Accounts (HSAs) but the basic idea is pretty simple.  HSAs are merely another option for funding one’s health care.   Most choose a traditional approach, maintaining health insurance with a lower deductible and...

Foreign financial asset reporting

The IRS is increasingly focused on targeted “low compliance” issues when choosing returns for audit.  Of the close to 60 targeted areas, over half relate to taxation of foreign income and foreign reporting issues.   If you have any interest in foreign financial...

Tax Effects of Personal Gifts

There is a great deal of confusion about the tax effects of making personal gifts.  Many believe that there is an income tax benefit associated with making gifts of up to $15,000 per year and that making gifts over that amount is something to avoid.  Neither of these...

Oregon Corporate Activity Tax

Governor Brown signed into law the “Oregon Corporate Activity Tax” effective for tax years beginning on or after January 1, 2020.   The new tax is far reaching and applies to an abundance of trades and businesses regardless of whether organized as an LLC, corporation,...

2018 year end letter

Dear Clients & Friends: While last year at this time we were meshed in uncertainty relating to the new tax law, this year we find ourselves in relatively stable territory.   From a tax perspective, most of the major events of 2018 revolved around guidance...

Qualified Opportunity Zones

One of the many provisions of the Tax Cuts and Jobs Act passed in late 2017 was an exclusion from income for certain gains related to “Qualified Opportunity Zones” (QOZ).   The legislation left many questions unanswered, leaving investors and fund organizers uncertain...

Tax News: January 26, 2018

Dear Clients and Friends, Here are a few important topics we thought you’d like to know about: January 31, 2018 Deadline for W-2s and 1099s Reminder – Forms W-2 and 1099-MISC are due January 31, 2018, including the filing of the government copies. These forms...