Maryland recently enacted the nation’s first tax on digital advertising. The new tax, the Digital Advertising Gross Revenues Tax (the “Tax”), became law on February 12, 2021.
The Tax has been surrounded by controversy from...more
Oregon State Senator Fred Girod, a Republican from Stayton, Oregon (District 9), is sponsoring Senate Bill 787 ("SB 787"). If passed, SB 787 would repeal the Oregon Corporate Activity Tax (the "CAT"). So far, the bill does...more
It is not unreasonable to anticipate that there will be a federal tax policy transformation following a change in the political control of the White House, the U.S. Senate and the U.S. House of Representatives. What may be...more
2/25/2021
/ Business Taxes ,
Capital Gains Tax ,
Corporate Taxes ,
Federal Taxes ,
Gift Tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Section 1031 ,
Tax Liability ,
Tax Planning ,
Tax Policy ,
Tax Rates
The Consolidated Appropriations Act, 2021 -
In a bipartisan effort, H.R. 133-116th Congress: Consolidated Appropriations Act, 2021 (the "Consolidated Appropriations Act, 2021") overwhelmingly passed both the House and the...more
12/23/2020
/ Business Expenses ,
Business Taxes ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Debt ,
Federal Taxes ,
Income Taxes ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Pending Legislation ,
Tax Deductions ,
Tax Relief ,
Trump Administration
On November 2, 2015, the Bipartisan Budget Act (“Act”) was signed into law by President Barack Obama. One of the many provisions of the Act significantly impacted: (i) the manner in which entities taxed as partnerships are...more
In the wake of the coronavirus pandemic, companies in wide-ranging industries across the country have unprecedented numbers of employees working from remote locations. In a prior post, we discussed numerous issues that may...more
10/2/2020
/ B&O Tax ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Department of Revenue ,
Gross Receipts Tax ,
Income Apportionment ,
Income Taxes ,
Local Taxes ,
Payroll Taxes ,
Preemption ,
Property Tax ,
Remote Working ,
Reporting Requirements ,
Sales Tax ,
SALT ,
State Taxes ,
Substantial Nexus ,
Tax Liability ,
Tax Planning
When we thought times were bad enough with the COVID-19 pandemic and widespread social unrest in our country, the West Coast, including the Pacific Northwest, was struck with unprecedented wildfires and massive windstorms,...more
9/18/2020
/ Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Natural Disasters ,
Popular ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Time Extensions ,
Wildfires
On August 8, 2020, President Trump issued an executive order, directing the U.S. Treasury to grant employers the ability to defer the withholding, deposit and payment of certain payroll taxes as further COVID-19 tax relief....more
9/2/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Payroll Taxes ,
Social Security Taxes ,
Tax Deferral ,
Tax Liability ,
Tax Relief ,
Trump Administration ,
U.S. Treasury ,
Wage and Hour ,
Withholding Tax
Earlier this year, the Idaho Supreme Court, in Noell Industries, Inc. v. Idaho State Tax Comm’n, --- P.3d ---- (2020), ruled that gain from the sale of membership interests in a limited liability company that had business...more
8/26/2020
/ Capital Gains ,
Dissenting Opinions ,
ID Supreme Court ,
Income Taxes ,
Limited Liability Company (LLC) ,
Local Taxes ,
Membership Interest ,
Non-Business Income ,
State and Local Government ,
State Taxes ,
Tax Planning ,
Unitary Business
During the special session, the Oregon legislature passed House Bill 4202 (“HB 4202”), which Governor Kate Brown signed into law on June 30, 2020. The legislation, which makes several technical and policy changes to the...more
7/15/2020
/ Commercial Activity Tax ,
Corporate Taxes ,
Dairy Farmers ,
Exclusions ,
Governor Brown ,
Income Taxes ,
Interest Rates ,
Out-of-State Companies ,
State Taxes ,
Tax Penalties ,
Tax Planning ,
Tax Returns ,
Wholesale
As most people are aware, the 2019 income tax filing and payment deadlines for all taxpayers who file and pay their federal income taxes on April 15, 2020, were automatically extended until July 15, 2020. This relief is...more
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act waives the requirement that taxpayers take required minimum distributions (“RMDs”) for 2020 from IRAs, 401(k) plans and other defined contribution plans....more
As we reported last week, the Oregon Department of Revenue (“DOR”) scheduled a public hearing on June 23, 2020 to discuss the second set of temporary administrative rules relative to the Oregon Corporate Activity Tax (the...more
6/26/2020
/ Agricultural Sector ,
Business Taxes ,
Commercial Activity Tax ,
Department of Revenue ,
Exclusions ,
Grocery Stores ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Out-of-State Companies ,
Rulemaking Process ,
State Taxes ,
Tax Planning ,
Wholesale
In a new temporary rule, the Oregon Department of Revenue (“DOR”) formalized its prior informal guidance relative to the assessment of penalties for failing to make sufficient estimated payments under Oregon’s Corporate...more
In News Release 2020-107, issued Thursday, May 28, 2020, the IRS announced that taxpayers will soon be able to electronically file Form 1040-X, Amended U.S. Individual Income Tax Return. This is welcome news for taxpayers and...more
During these trying times, especially with stay-at-home orders still in effect in most states, it is difficult not to over-focus on the uncertainty that lies ahead. Hopefully, we can find healthy distractions to refocus our...more
5/18/2020
/ Athletes ,
Business Expenses ,
Compensation & Benefits ,
Coronavirus/COVID-19 ,
Gifts ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Payroll Taxes ,
Sports ,
Tax Liability ,
Tax Returns ,
Wage and Hour
New guidance from the Oregon Department of Revenue (the “DOR”) with respect to Oregon’s Corporate Activity Tax (“CAT”) was issued Wednesday, May 6th.
Specifically, the DOR announced that:
- Certain forgivable federal...more
5/8/2020
/ Commercial Activity Tax ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Department of Revenue ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Institutions ,
Income Taxes ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Public Hearing ,
SBA Lending Programs ,
State Taxes ,
Tax Liability
Last week, we reported that the IRS issued Notice 2020-32, wherein (relying primarily on Code Section 265) it emphatically pronounced that taxpayers receiving Paycheck Protection Program (“PPP”) loans do not get to have their...more
In Notice 2020-32, issued Thursday, April 30th, the IRS emphatically pronounced that taxpayers receiving Paycheck Protection Program (“PPP”) loans do not get to have their cake and eat it too!
As we discussed in a recent...more
5/4/2020
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Small Business ,
Tax Deductions ,
Tax Planning
As previously reported, the new Oregon Corporate Activity Tax (the “CAT”) went into effect on January 1, 2020. The new law is quite complex and arguably not very well thought out by lawmakers. Although the Oregon Department...more
Like other commentators, we have been writing extensively about the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the historic $2.2 trillion relief package enacted last month by lawmakers in the wake...more
NOTICE 2020-23 -
On April 9, 2020, the U.S. Secretary of the Treasury issued Notice 2020-23. It greatly expands the tax compliance relief previously granted to taxpayers in response to the COVID-19 pandemic....more
4/14/2020
/ Annual Filings ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Opportunity Zones ,
Revenue Procedures ,
Section 1031 Exchange ,
Tax Liability ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
On March 13, 2020, President Trump issued an emergency declaration that, in part, instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more
3/30/2020
/ Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Deadlines ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
IRS ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Trump Administration ,
U.S. Treasury
Wednesday, March 25th, in the wake of the recent decision by the Internal Revenue Service (“IRS”) to extend the income tax filing and payment deadlines to July 15, 2020, it announced a new taxpayer-friendly program called the...more
3/30/2020
/ Enforcement Actions ,
Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
Installment Agreements ,
IRS ,
Offers in Compromise ,
Statute of Limitations ,
Tax Appeals ,
Tax Audits ,
Tax Liability ,
Tax Planning ,
Tax Relief ,
Tax Returns
In accordance with ORS 305.157, the director of the Oregon Department of Revenue (“DOR”) ordered an automatic extension of the 2019 tax year income tax filing and payment due dates. Oregon now joins several other states and...more
3/27/2020
/ Coronavirus/COVID-19 ,
Department of Revenue ,
Filing Deadlines ,
Income Taxes ,
State Taxes ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Time Extensions