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,...
COVID-19/Coronavirus: Extensions, SBA Loans, CARES Act and More…

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...
Information Returns: Federal and Oregon Filing Requirements

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)

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

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...