To prevent illicit business practices like money laundering, the Corporate Transparency Act has created a new, mandatory reporting requirement for most small businesses, beginning January 1, 2024. The form will be sent to FINCEN, (Financial Crimes Enforcement Network), a branch of the Treasury Department. The form, which has not been released yet, requests the identifying… Read more »
Posts Categorized: Newsletter
IRS increases mileage rate for remainder of 2022
IR-2022-124, June 9, 2022 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months… Read more »
Oregon offers new pass-through entity tax election to get around SALT cap
Due to a recent Oregon tax law change that affects all pass-through entities (Multi-Member LLCs, Partnerships and S-Corps) we want to inform you that there is a new tax election that may save a significant amount of money. Income from your business is normally passed through to your personal tax returns and taxed there. Beginning… Read more »
IRS announces July 15th individual tax filing deadline in response to COVID-19
Friday, Treasury Secretary Steven Mnuchin announced that the IRS will be moving the income tax filing deadline from April 15th, 2020 to July 15th, 2020. Saturday the IRS issued a news release confirming this here: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed This applies to all tax returns, and also extends the payment deadline to July 15th. There is no extension to… Read more »
Accurate Advice Newsletter – February 2015
2015 Oregon Tax Changes With the start of tax season comes a host of changes to not only federal law, but state laws as well. This year, a number of things are changing in Oregon, here is an overview of some of the changes. New Oregon tax forms All Oregon tax forms have been changed… Read more »