Section 125 of the IRS code allows employers to offer employees a choice between receiving a portion of their compensation in cash or as part of an employee benefit that can provide sizeable tax savings for both the employer and employee. A section 125 plan is also referred to as a cafeteria plan because employers …
In 2013, a Portland, Oregon man electronically filed at least 66 false tax returns requesting more than $300,000 in tax refunds from the Oregon Department of Revenue. Since then, every tax season we see a growing number of Oregon taxpayers being selected for “Oregon manual processing”. Typically, the most common reason the Oregon Department of …
In May of 2020 voters in Portland approved a measure to raise money for people experiencing homelessness or at risk of experiencing homelessness. The program assesses a 1% tax on all taxable income of more than $125,000 for individuals and $200,000 for couples filing jointly. The program is also funded by a 1% tax on …
Metro Supportive Housing Services (SHS) Personal Income Tax Read More »
On November 3rd, 2020, Multnomah County voters approved a measure to establish a tuition-free preschool program. The PFA program is designed to give 3 and 4 year-olds in Multnomah County access to “free, high-quality, developmentally appropriate, culturally responsive preschool experiences”. The PFA program is funded by a personal income tax of 1.5% on taxable income …
Multnomah County Preschool For All (PFA) Personal Income Tax Read More »
(ORS 316.102) Oregon allows a tax credit for political contributions up to $50 for a single taxpayer and $100 for taxpayers filing jointly. The credit must be claimed in the same tax year as contributed. Qualifying contributions include candidates and their principal campaign committees, political action committees, and political parties. This credit phases out …
Cryptocurrency is a digital currency exchanged through a computer network that is not reliant on central authority such as government or bank. Individual coin ownership records are stored in a digital ledger verifying the transfer of coin ownership. The IRS uses the term “virtual currency” to describe the various types of virtual currency that are …
Reporting cryptocurrency transactions to the IRS Read More »
SST has a secure and easy to use web-based portal where we can complete the tax process remotely by exchanging files electronically. You can also access any historical tax documents we have finished together including your Federal 1040, Oregon 40, W-2’s, 1098’s, etc. The portal has a mobile friendly interface that allows you to take …
Creating your own Oregon Revenue Online account is the most efficient and effective way to communicate with the Oregon Department of Revenue. Revenue Online is a secure web service that provides access to your tax account at any time. Registering with Revenue Online allows a taxpayer to: See your account status, including balances, credits, and …
Creating a Taxpayer’s Revenue on-line Account in Oregon Read More »
The Oregon Office of Economic Analysis (OEA) reconciles Oregon’s annual tax revenue. An annual kicker credit goes into effect when the actual state revenue exceeds the forecasted revenue by at least 2%. An amount calculated by the OEA is then returned to Oregon taxpayers through a credit on their tax return. On October 9th of …
(ORS 316.693) [Subtraction Code: 351] If you or your spouse turned 66 by the end of the tax year and have medical and/or dental expenses, you may qualify for the Special Oregon Medical Subtraction if: You or your spouse turned 66 by the end of the tax year Your federal AGI (adjusted gross income) doesn’t …