As we reported last week, the Oregon Department of Revenue (“DOR”) scheduled a public hearing on June 23, 2020 to discuss the second set of temporary administrative rules relative to the Oregon Corporate Activity Tax (the...more
6/26/2020
/ Agricultural Sector ,
Business Taxes ,
Commercial Activity Tax ,
Department of Revenue ,
Exclusions ,
Grocery Stores ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Out-of-State Companies ,
Rulemaking Process ,
State Taxes ,
Tax Planning ,
Wholesale
In Notice 2020-32, issued Thursday, April 30th, the IRS emphatically pronounced that taxpayers receiving Paycheck Protection Program (“PPP”) loans do not get to have their cake and eat it too!
As we discussed in a recent...more
5/4/2020
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Small Business ,
Tax Deductions ,
Tax Planning
Earlier this week, a local tax practitioner asked us whether it was true that the City of Portland no longer allows depreciation deductions resulting from an election under Section 754 of the Internal Revenue Code of 1986, as...more
We are taking a break from our multi-post coverage of Opportunity Zones to address a recent, significant piece of Oregon tax legislation.
On May 16, 2019, Governor Kate Brown signed into law legislation imposing a new...more
6/5/2019
/ Business Ownership ,
Business Taxes ,
Commercial Activity Tax ,
Corporate Taxes ,
Department of Revenue ,
Goods or Services ,
Governor Brown ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Local Taxes ,
New Legislation ,
Popular ,
Referendums ,
Registration Requirement ,
Sales & Use Tax ,
State and Local Government ,
State Taxes ,
Substantial Nexus ,
Tax Legislation ,
Tax Planning ,
Tax Rates ,
Tax Returns ,
Tax Revenues ,
Underpayment ,
Unitary Business
On April 17, 2019, Treasury issued its second installment of proposed regulations relating to Qualified Opportunity Zones (“QOZs”). The regulations are 169 pages in length, and (as suspected) are fairly complex. Nevertheless,...more
4/24/2019
/ Anti-Abuse Rule ,
Asset Management ,
Capital Gains ,
Holding Periods ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investors ,
IRS ,
Opportunity Zones ,
Original Use ,
Partnerships ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Transactions ,
S-Corporation ,
Safe Harbors ,
Tangible Property ,
Tax Benefits ,
U.S. Treasury
There has been a lot of “buzz” in the media about Qualified Opportunity Zones (“QOZs”). Some of the media accounts have been accurate and helpful to taxpayers. Other accounts, however, have been less than fully accurate, and...more
3/15/2019
/ Capital Gains ,
Deadlines ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Property Owners ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Sale of Assets ,
Tax Benefits ,
Tax Deferral ,
Tax Planning ,
U.S. Treasury
BACKGROUND -
Sections 1400Z-1 and 1400Z-2 were added to the Internal Revenue Code of 1986, as amended (the “Code”) by the Tax Cuts and Jobs Act. These new provisions to the Code introduce a multitude of new terms,...more
1/8/2019
/ Capital Gains ,
Community Development ,
Economic Development ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investment Funds ,
Investors ,
IRS ,
Low Income Housing ,
Low-Income Issues ,
Opportunity Zones ,
Partnerships ,
Pass-Through Entities ,
Qualified Opportunity Funds ,
Real Estate Development ,
State and Local Government ,
Tangible Property ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Incentives ,
U.S. Treasury