News
IRS Form 1099-MISC & 1099-NEC—A New Filing Requirement for Independent Contractor Payments
Traditionally, taxpayers have used Form 1099-MISC to report certain payments to the IRS, including payments made to independent contractors. Form 1099-MISC has been redesigned, and…
OECD Releases BEPS 2.0 Blueprint
At the beginning of 2020, the Organization for Economic Co-operation and Development (OECD) expected to complete its global taxation transformation known as “BEPS 2.0” by…
Multnomah County Voters Reject Metro Payroll Tax; Approve Universal Preschool Measure
Portland-area voters rejected the Metro Council’s payroll tax on employers (Measure 26-218). The measure failed by a 57% to 43% margin. Conversely, Multnomah Country approved…
New California small business hiring credit for 2020. Especially attractive for restaurants and retail industries
Small businesses are able to get a nonrefundable credit of $1,000 for each net full time equivalent employee addition. The total credit can range from…
Current COVID-19 Related Tax Guidance for Oregon, Washington, and California
Working remotely has become the new normal for many employees on the West Coast. Although many employees enjoy the convenience of working remotely, both employees…
European Commission Appeals Apple’s Major “State Aid” Tax Victory
Earlier this summer, Apple won a $15 billion State Aid case related to its Irish operations. This decision was rendered by the EU’s lower court. In…
Accounting for Income Taxes – A Path Towards Simplicity – ASU 2009-06
The Financial Accounting Standards Board (FASB) establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting…
Executive Order Allows Tax Deferral of Social Security Tax for Employees
On August 9, 2020, President Trump signed an executive order that allows for the deferral of withholding, deposits, and payments of the employee portion of…
Supreme Court Denies Review of Tax Breaks for Big Tech Companies in Altera but the Controversy Continues
The Supreme Court denied a petition of certiorari in Altera v. Commissioner on June 22, 2020, a closely followed case from the Ninth Circuit concerning…
Proposed Reliance Regulations on Disallowed Transportation and Commuting Expenses
Background As amended by the Tax Cuts and Jobs Act (TCJA), Internal Revenue Code (“IRC”) Section (“Sec.”) 274(a)(4) disallows deductions for the expense of any…
Temporary California Net Operating Loss Suspension Signed into Law
History California has at times either restricted the ability of individuals and corporations to utilize the full carryover amount of net operating losses (“NOLs”) or…
Multnomah County Reviewing Two Tuition-Free Preschool Measures for November Ballot – Both Seek to Tax High-Earners
Multnomah County has two tuition-free preschool measures that may go to the ballot this November. The first campaign, Universal Preschool Now, has received enough signatures…