We have been covering Oregon’s new Corporate Activity Tax (the “CAT”) over the past few months. As previously discussed, the Oregon Department of Revenue (the “Department”) has been conducting town hall meetings with...more
10/10/2019
/ Business Taxes ,
Corporate Taxes ,
Department of Revenue ,
Electronic Filing ,
Income Taxes ,
New Rules ,
Rulemaking Process ,
State Taxes ,
Tax Planning ,
Temporary Regulations ,
Town Hall Meetings
What We Learned from one of the Oregon Department of Revenue’s Town Hall Meetings -
Over the past few months, we have written extensively on the blog about Oregon’s new Corporate Activity Tax (the “CAT”). As announced in...more
10/3/2019
/ Business Taxes ,
Commercial Activity Tax ,
Corporate Taxes ,
Department of Revenue ,
Exceptions ,
Grocery Stores ,
Income Taxes ,
Legislative Agendas ,
Registration Requirement ,
Regulatory Agenda ,
State Taxes ,
Tax Legislation ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Wholesale
We have recently discussed in several blog posts Oregon’s new Corporate Activity Tax (“CAT”), a gross receipts tax that will become effective January 1, 2020. As we announced in our most recent post on this topic, the Oregon...more
As discussed in recent blog posts, the Oregon Legislative Assembly recently enacted a Corporate Activity Tax (“CAT”). Governor Kate Brown signed the legislation into law, effective January 1, 2020. Put in simplest terms, the...more
As we reported in our June 4 blog post, Oregon lawmakers had recently enacted a “corporate activity tax” (“CAT”) that applies to certain Oregon businesses. The new law, absent challenge, becomes effective January 1, 2020.
We...more
7/26/2019
/ Business Taxes ,
Commercial Activity Tax ,
Corporate Taxes ,
Governor Brown ,
Income Taxes ,
New Legislation ,
Referendums ,
Repeal ,
State Taxes ,
Tax Legislation ,
Tax Planning
We are taking a break from our multi-post coverage of Opportunity Zones to address a recent, significant piece of Oregon tax legislation.
On May 16, 2019, Governor Kate Brown signed into law legislation imposing a new...more
6/5/2019
/ Business Ownership ,
Business Taxes ,
Commercial Activity Tax ,
Corporate Taxes ,
Department of Revenue ,
Goods or Services ,
Governor Brown ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Local Taxes ,
New Legislation ,
Popular ,
Referendums ,
Registration Requirement ,
Sales & Use Tax ,
State and Local Government ,
State Taxes ,
Substantial Nexus ,
Tax Legislation ,
Tax Planning ,
Tax Rates ,
Tax Returns ,
Tax Revenues ,
Underpayment ,
Unitary Business
As we have been discussing these past several weeks, the Tax Cuts and Jobs Act (“TCJA”) drastically changed the Federal income tax landscape. The TCJA also triggered a sea of change in the income tax laws of states like...more
The Tax Cuts and Jobs Act (“TCJA”) will significantly impact merger and acquisition (“M&A”) activity. Although billed as tax reform, the TCJA did not reform or simplify the Internal Revenue Code (“Code”).
Virtually none of...more
4/9/2018
/ Acquisitions ,
Alternative Minimum Tax ,
Commercial Real Estate Market ,
Controlled Foreign Corporations ,
Corporate Taxes ,
EBITDA ,
Foreign Acquisitions ,
Foreign Corporations ,
International Tax Issues ,
Mergers ,
Net Operating Losses ,
S-Corporation ,
Section 1031 Exchange ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform
“Neither a borrower nor a lender be...” or at least, if you insist on borrowing (and we understand the appeal), we are here to help you stay abreast of the new rules on deducting interest.
BACKGROUND/PRIOR LAW -
Interest...more
2/7/2018
/ Borrowers ,
Business Expenses ,
Business Taxes ,
C-Corporation ,
Carry Forward ,
Carve Out Provisions ,
Corporate Taxes ,
Debt ,
EBITDA ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investment ,
IRS ,
Lenders ,
Net Operating Losses ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
Shareholders ,
Small Business ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Taxable Income ,
Termination
For more than a year, I have been discussing the potential that Oregon lawmakers will pass a corporate gross receipts tax. On May 26, 2017, we discussed recent events that would lead a reasonable person to believe that the...more
On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In our May 3, 2017 blog post, we focused on the likely timing...more
5/19/2017
/ Alternative Minimum Tax ,
Anti-Avoidance ,
Business Taxes ,
Carried Interest ,
Corporate Taxes ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
International Tax Issues ,
Itemized Deductions ,
Manufacturers ,
Pass-Through Entities ,
Popular ,
Presidential Memorandum ,
Standard Deduction ,
Tax Rates ,
Tax Reform ,
Trump Administration
On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In this blog post, we focus our attention on the likely timing...more
As I reported previously, Oregon Measure 97 was overwhelmingly defeated by voters in the state’s general election this past November. It certainly appeared that the voters spoke loudly and clearly on November 8, 2016, when...more
2/23/2017
/ Alternative Minimum Tax ,
Ballot Measures ,
C-Corporation ,
Commerce Clause ,
Corporate Taxes ,
Foreign Corporations ,
Gross Receipts ,
Interstate Commerce ,
Legislative Agendas ,
Public Benefit Corporation ,
S-Corporation
The proposed $3 billion per year tax-raising bill, Oregon Measure 97, was defeated yesterday by a 59% to 41% margin. The fight was long and bloody. Media reports that opponents and proponents together spent more than $42...more
Mr. Brant’s article offers readers a broad overview of the QSub election and a review of the history surrounding its statutory creation. In addition, it provides a rather in-depth discussion of the QSub qualification...more
9/23/2016
/ Business Entities ,
C-Corporation ,
Corporate Taxes ,
Excise Tax ,
Income Taxes ,
IRS ,
QSub ,
S-Corporation ,
Shareholders ,
Small Business Jobs Act ,
Subsidiaries
C Corporations with Oregon annual revenues greater than $25 million may face a new minimum tax obligation – 2.5 percent of the excess – if Measure 97 passes. If a business falls within this category, there may be ways to...more
As reported in my November 2013 blog post, for tax years beginning in 2015 or later, under ORS 316.043, applicable non-passive income attributable to certain partnerships and S corporations may be taxed using reduced tax...more
The Department of the Treasury estimates the annual federal “tax gap” (the difference between what taxpayers should have paid and what they actually paid on a timely basis) exceeds $450 billion. IR-2012-4 (January 6, 2012). ...more
The Protecting Americans from Tax Hikes Act of 2015 Passes Both the U.S. House of Representatives and the U.S. Senate -
Late in the day on December 15, 2015, the U.S. House of Representatives passed the Protecting...more
CURRENT LAW
In accordance with ORS § 314.402, the Oregon Department of Revenue (“DOR”) shall impose a penalty on a taxpayer when it determines the taxpayer “substantially” understated taxable income for any taxable year....more