Idaho “SALT” Cap Workaround
IDAHO – State And Local Tax (“SALT”) Cap Workaround Idaho passed legislation allowing for a SALT Cap workaround beginning in the 2021 tax year. In the past, many taxpayer’s were able to include all of their State and Local Taxes (“SALT”) as an itemized deduction. The Tax Cuts and Jobs Act (TCJA) limited the SALT…
Read MoreOregon “SALT” Cap Workaround
OREGON – State And Local Tax (“SALT”) Cap Workaround Oregon passed legislation allowing for a SALT Cap workaround beginning in the 2022 tax year. In the past, many taxpayer’s were able to include all of their State and Local Taxes (“SALT”) as an itemized deduction. The Tax Cuts and Jobs Act (TCJA) limited the SALT…
Read MoreState And Local Tax (“SALT”) Cap Workaround
State And Local Tax (“SALT”) Cap Workaround Many states are passing legislation which allows for a SALT Cap workaround. Background: Taxpayers can deduct the larger of the Standard Deduction or their Itemized Deductions on their individual tax return. Itemized deductions include charitable contributions, mortgage interest expense, medical expenses over 7.5% of their Adjusted Gross Income (“AGI”)…
Read MoreNew PPP Loan Forgiveness Rules
New PPP Loan Forgiveness Rules ! The House passed a bill earlier this week, and the Senate just passed it last night (Wednesday), modifying and relaxing the PPP forgiveness rules. The President is expected to sign the bill into law soon. The key changes in summary are: Spending period is now 24 weeks (extended from 8 weeks) Payroll…
Read MoreCARES Act Free Money for Small Businesses and Non-Profits
Message to Small Business Owners and Non-Profit Executive Directors – I wanted to tell you about a program related to the Act Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. This act provided an estimated $2 trillion package to assist individuals and businesses with the economic impact of the Coronavirus impact. There are two…
Read MoreNew 2019 Tax Filing Deadlines… Federal, Idaho, Oregon
New 2019 Tax Filing Deadlines! The Federal & Oregon tax filing deadline is now July 15, 2020 and Idaho’s is now June 15, 2020. But when are IRA and other retirement contributions due? How about the due dates for 2020 quarterly estimated tax payments? July 15, 2020 FEDERAL Deadline – As previously communicated, Treasury Secretary Steven Mnuchin announced on…
Read MoreTax Season Update – New tax deadline & COVID-19 steps
TAX SEASON UPDATE… I wanted to provide a quick update concerning this current tax season, communicating some of the steps we are taking to address the Coronavirus (COVID-19) outbreak and how we plan to manage tax preparation engagements in light of the recent change in tax filing deadline to July 15, 2020. Limiting LobbyTraffic –…
Read MoreImplementing the $2,500 Expensing Threshold May Not Be Best Practices for Your Business
A capitalization policy is used by a business to set a threshold for determining when a asset purchase should be recorded as a fixed asset (and depreciated), or when the expenditure can be expensed in the current year. The IRS has allowed certain businesses with applicable financial statements with written capitalization policies to establish this…
Read MoreRepost – 5 Ways to Enjoy March Madness…
Gracy’s latest article… By Gracy Olmstead March 15, 2017 We all need opportunities to connect, have fun, and forget politics. There’s no better way than the NCAA March Madness basketball tournament. March is a crazy time of year for an accountant’s family. Associating the month with “madness” seems only natural. My dad would work…
Read MoreMarch Madness – Taxes & Traditions
March Madness: Taxes & Traditions March Madness comes in many forms. We call it “Tax Season” because it is a time of year… each year, and every year… when there is a season of abundance. There is so much work to do before the tax deadline. Like any season of harvest, you try to prepare…
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