Is Your Estate Plan in Order?
With the estate and gift tax exemption at $11.58 million ($23.16 million for a married couple), there are fewer people that are exposed to the federal estate and gift tax. However, unbeknownst to many, the $11.58 million exemption (indexed for inflation) will be retired in 2025 and go back to
Oregon’s New Corporate Activity Tax (CAT)
UPDATE, December 2019: New Oregon Tax – Be prepared to file a new gross receipts tax return in 2020! On May 16, 2019, Oregon Governor Brown signed House Bill 3427, which adopts a new Corporate Activity Tax (CAT) imposed on all types of business entities. The CAT will be in
Five Steps to Completing the New W-4 Form for 2020
The Tax Cut and Jobs Act (TCJA) brought about numerous changes to many IRS forms. To more accurately calculate employee withholding, the W-4 Employee’s Withholding Certificate was altered for 2020. The previous form focused on personal exemptions, while the new form considers all aspects of income. The new W-4 has
Face-to-Face Meetings with Noncompliant Taxpayers
Many people receive IRS notices in the mail, which can be frustrating when trying to resolve the issue since “snail mail” takes forever. Also, let’s not mention the hours spent on hold when trying to discuss the matter with an agent over the phone. Trying to resolve the tax issue
Qualified Opportunity Zones: Two New Ways to Benefit
Two Opportunity Zone (OZ) related initiatives were announced last week that benefit small businesses operating in OZs as well as homebuyers that may purchase a house in an OZ. These initiatives open up the OZ playing field in a way that will allow for even more people to benefit. For
Social Security Changes You Need to Know for 2020
Every year, the Social Security Administration adjusts the regulations for the Social Security program. These adjustments include various items such as the retirement age, earnings cap and benefit payout. The changes for this upcoming year are summarized below: Full Retirement Age Full retirement is the age at which the Social