During the COVID-19 pandemic, the federal government enacted three major pieces of legislation to provide financial relief to individuals and families. The American Recovery Plan Act (“ARPA”), the most recent legislation,...more
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
Notice 2020-32 As we also previously discussed, the IRS announced in Notice 2020-32 that, pursuant to Code Section 265, taxpayers whose PPP loans are forgiven cannot deduct the business expenses for which they used the...more
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 first special session of 2020, the Oregon legislature passed House Bill 4212 (“HB 4212”). Governor Kate Brown (the “Governor”) signed HB 4212 into law on June 30, 2020.
HB 4212 extends the time periods that...more
7/28/2020
/ Coronavirus/COVID-19 ,
Department of Revenue ,
Governor Brown ,
New Legislation ,
OR Supreme Court ,
Relief Measures ,
State of Emergency ,
State Taxes ,
Tax Court ,
Tax Litigation ,
Time Extensions
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
The Small Business Administration (“SBA”) continues its quest to provide guidance relative to the Paycheck Protection Program (“PPP”) enacted as part of the CARES Act and the Paycheck Protection Program Flexibility Act of...more
6/24/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
SBA ,
Small Business ,
Small Business Loans
Up until this past Wednesday, the Paycheck Protection Program (“PPP”) loan forgiveness application issued by the Small Business Administration (“SBA”) had not been updated since May. New guidance was issued in the interim...more
6/19/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
Small Business ,
Small Business Loans
The Oregon Department of Revenue (“DOR”) announced that it will be conducting a public hearing on June 23, 2020 to discuss a second set of temporary administrative rules relative to the Oregon Commercial Activity Tax (the...more
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
I previously reported that the Paycheck Protection Program (“PPP”) loan program appeared to have been extended to December 31, 2020. Unfortunately, the U.S. Small Business Administration (“SBA”) quashed that dream...more
As I previously reported, the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) was jointly introduced in the U.S. House of Representatives (“House”) by Representative Chip Roy, a Republican from Texas and...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
As I previously reported, the Paycheck Protection Program (“PPP”) was touted as providing emergency assistance (i.e., a lifeline) to restaurants and other businesses ordered to shut their doors (e.g., dental offices, bars,...more
5/29/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Payroll Taxes ,
Proposed Legislation ,
SBA ,
Small Business ,
Small Business Loans
On Friday, May 22, 2020, the Small Business Administration (“SBA”), in conjunction and consultation with the U.S. Department of the Treasury (“Treasury”), published an interim final rule (“IFR”) containing new guidance on the...more
5/29/2020
/ Bonuses ,
CARES Act ,
Coronavirus/COVID-19 ,
Furloughs ,
Hazard Pay ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Prepayments ,
Relief Measures ,
Required Documentation ,
SBA ,
Small Business ,
Small Business Loans ,
Tax Planning ,
U.S. Treasury ,
Wage and Hour