Income Tax

PPP Extended – Act Fast or Miss Out

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This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies. A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Note the phrase “when the money runs out,” and be forewarned that this can … Read more

Treasury is Delivering Millions of Economic Impact Payments by Prepaid Debit Card

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WASHINGTON – This week, Treasury and the IRS started to send approximately 8 million Economic Impact Payments (EIPs) by prepaid debit card. The distribution of EIP Cards follows the millions of payments already made by direct deposit and the ongoing mailing of paper checks and are part of Treasury’s and is IRS’s plan to deliver … Read more

IRS Statement about second Economic Impact Payments

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January 5, 20201 Get My Payment tool. The IRS updated the Get My Payment tool with information related to the second round of Economic Impact Payments. There is currently heavy demand on the tool given the large number of payments going out and people using the tool. While the IRS has been able to deliver … Read more

New IRS Efforts to Destroy Tax Deductions for PPP Paid

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From what we know, when lawmakers originally passed the Paycheck Protection Program (PPP), they thought that under its provisions ·  you did not pay taxes on the forgiveness amount, and ·  you also could deduct the expenses that you paid with the PPP money. Fly in the Ointment In late April, the IRS issued Notice 2020-32, which asserts that PPP loan recipients may not deduct business expenses paid using the PPP monies that gave rise to … Read more

Five Things to Know About Employing Your Spouse

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 Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a single-member LLC taxed as a sole proprietorship or as a partnership (as long as your spouse is not a partner). But this arrangement … Read more

Oregon IDA Tax Credits Now Available

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You can receive an Oregon state tax credit for 90% of your contribution when you donate by check, wire transfer, credit card or stock transfer. Individual Development Accounts, or IDAs, are matched savings accounts that change the financial futures of qualifying Oregonians with lower incomes. Participants build financial skills such as budgeting and saving while … Read more

2020 Last-Minute Year-End Medical Plan Strategies

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All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are straightforward when you have fewer than 50 employees. And then there’s a great … Read more

2020 Last-Minute Year-End Retirement Deductions

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The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Take a few minutes to review the four retirement plan tax-reduction strategies in this article. You might find several thousand dollars (and maybe much more) in … Read more