A Guide to the Employee Retention Credit

A Guide to the Employee Retention Credit

What is the Employee Retention Credit (“ERC”)? The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) created a refundable employee retention credit as an incentive for employers to retain their employees during the 2020 pandemic. The Employee Retention...
Top Things You Need to Know About the R&D Tax Credit

Top Things You Need to Know About the R&D Tax Credit

What is the Research and Development (R&D) Tax Credit? The R&D tax credit is a general business credit that was created for taxpayers that design, develop, or improve products, processes, techniques, formulas, or software. The R&D tax credit was first...
New Oregon Tax – Effective for 2020

New Oregon Tax – Effective for 2020

As a means of raising an anticipated $1 billion in new annual revenue for state education investments, Oregon has enacted a corporate activity tax (CAT), effective for tax years beginning on or after January 1, 2020. What is the CAT? The CAT is imposed on taxpayers...
New Form for Reporting Cannabis Deductions

New Form for Reporting Cannabis Deductions

For taxable years beginning on January 1, 2020, California will now allow cannabis businesses operating as individual sole proprietorships, limited liability companies taxed as partnerships and S Corporations to claim deductions and credits paid or incurred in...
5 Things to Know about Donor Advised Funds

5 Things to Know about Donor Advised Funds

What is a donor-advised fund? A donor-advised fund (DAF) is like a personal charitable giving savings account.  It allows donors to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time.  The donor can...
Individual Year End Planning

Individual Year End Planning

As 2020 closes, we can agree that this year was unlike any other; the pandemic, natural disasters, and expected future tax law changes following the election have had a significant impact on many taxpayers. In response to the pandemic, Congress passed two major pieces...