You likely haven’t heard of a Beneficial Ownership Information Report, but this new law and filing requirement applies to most small businesses and LLCs, and the penalties for non-compliance are steep. It’s part of the Corporate Transparency Act, which took effect January 1, 2024, aimed at curbing illicit finance. It
On January 31, 2024, the House passed Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), a bipartisan effort to provide tax relief to individuals, families, and businesses all across America. The bill now moves to the Senate. While the bill shares bipartisan support, Congressional leaders have
In November 2020, Multnomah County voters made a significant decision by approving the Preschool for All Personal Income Tax, an initiative aimed at providing tuition-free preschool for 3- and 4-year-olds. The tax went into effect on January 1, 2021 and has different implications for residents and nonresidents of Multnomah County.
Metro Supporting Housing Services Tax and Preschool for All Tax: Effective January 1, 2021, there were two new Portland-area local taxes. The Preschool For All (PFA) tax affecting Multnomah County individuals, and the Metro Supportive Housing Services (Metro SHS) tax for those in Multnomah, Washington and Clackamas Counties. Metro Supporting
Oregon Salt Cap Workaround for Pass-Through Entities: Beginning January 1, 2022, businesses taxed as partnerships and S corporations can elect to pay Oregon tax at the business level, referred to as PTE-E tax. This allows a bypass of the $10,000 state and local tax (SALT) limitation brought about with the
You likely haven’t heard of a Beneficial Ownership Information Report, but this new law and filing requirement applies to most small businesses and LLCs, and the penalties for non-compliance are steep. It’s part of the Corporate Transparency Act, which took effect January 1, 2024, aimed at curbing illicit finance. It
On January 31, 2024, the House passed Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), a bipartisan effort to provide tax relief to individuals, families, and businesses all across America. The bill now moves to the Senate. While the bill shares bipartisan support, Congressional leaders have
In November 2020, Multnomah County voters made a significant decision by approving the Preschool for All Personal Income Tax, an initiative aimed at providing tuition-free preschool for 3- and 4-year-olds. The tax went into effect on January 1, 2021 and has different implications for residents and nonresidents of Multnomah County.
Metro Supporting Housing Services Tax and Preschool for All Tax: Effective January 1, 2021, there were two new Portland-area local taxes. The Preschool For All (PFA) tax affecting Multnomah County individuals, and the Metro Supportive Housing Services (Metro SHS) tax for those in Multnomah, Washington and Clackamas Counties. Metro Supporting
Oregon Salt Cap Workaround for Pass-Through Entities: Beginning January 1, 2022, businesses taxed as partnerships and S corporations can elect to pay Oregon tax at the business level, referred to as PTE-E tax. This allows a bypass of the $10,000 state and local tax (SALT) limitation brought about with the
