Paycheck Protection Program (PPP) Flexibility Act of 2020
With the application deadline for the PPP loan behind us, borrowers are now tasked with maximizing forgiveness in most cases, as well as applying for forgiveness. While the initial rules were somewhat rigid, the Paycheck Protection Program Flexibility Act of 2020,...
CARES Act Update: Employee Retention Credit, Retirement Plan Relief, Qualified Leasehold Improvements, Paycheck Protection Program (PPP) Loan, and Roth IRA Conversion
During April of this year, our firm communicated with you regarding the relief available under the CARES Act. The IRS has issued additional guidance and here are some selected updates. These updates are overviews and do not include all details or provisions of the...
COVID-19 Impact on Nonprofits
Physical Controls Cash Receipts - your office may still be receiving checks via mail. Having two individuals present is still the best practice; however this may not be feasible with COVID-19 Coronavirus restrictions. Using technology can assist when having more than...
COVID-19/Coronavirus: Extensions, SBA Loans, CARES Act and More…
With many of us scrambling to figure out how we are planning to adapt and make it through these challenging days, McDonald Jacobs wants to do what we can to help provide resources for you and your business. Tax Return Filing Deadlines Fortunately, the IRS has pushed...
Oregon Corporate Activity Tax (CAT) Update
The Oregon Corporate Activity Tax (CAT) is effective on January 1, 2020. We have previously communicated regarding some of the basics of the CAT and those communications can be found on our website under the Blogs & News tab. Oregon is continuing to release...
Information Returns: Federal and Oregon Filing Requirements
The due date for 2019 Forms W-2, W-3, and 1099-MISC with data in box 7 for non-employee compensation is January 31, 2020, and applies to paper and electronically filed returns. Information returns are due on a calendar year basis for certain payments made in the...
Oregon Corporate Activity Tax (CAT)
Earlier this year, Oregon Governor Kate Brown signed into law House Bill 3427, which created an Oregon corporate activity tax (CAT), effective beginning January 1, 2020. Businesses subject to the tax will be taxed at a rate of 0.57% on taxable receipts over $1...
Computing Oregon Sourced Income for a Service Business
Oregon statutes state a taxpayer’s market for sales is in Oregon: “In the case of the sale of a service, if and to the extent the service is delivered to a location in this state”. You must look to Oregon administrative rules (OAR 150-314-0435) to really figure out...
Multi-State Update for Business Clients
This communication has two main sections, one for service businesses and a second for sales of products. Service Businesses There have been many changes in multi‐state taxation for service businesses over the past several years. Every business needs to ask themselves...
Upcoming Changes to Revenue Recognition for Contributions Topic 958
RECOGNIZING CONTRIBUTIONS –ASU 2018-08 TOPIC 958 Changes to revenue recognition under ASU 2014-09 did not explicitly address contributions. ASU 2018-08 was created to provide guidance to nonprofit organizations with the goal to encourage consistent revenue recognition...
