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Email Perkins & CoLast Friday the 13th was one to remember at Perkins & Co! After months of gearing up to prepare Forms 3115 for nearly all of our business clients, we learned Friday that the IRS is no longer requiring small businesses to file them to comply with the new tangible property regulations (TPRs). Around here, this is…
For those of us who go to a downtown office every weekday, the benefits of working from home glow brightly: no morning commute and working in sweatpants! My kitchen, my coffee! Walking my own dog! And, perhaps, a nice tax deduction for using a home office. As we will discuss below, qualifying for a home…
We held off writing our year-end message with hopes that Congress would provide clarity for taxpayers before 2014 is over. We finally got what we were looking for! The Senate passed H.B. 5771, The Tax Increase Prevention Act of 2014 (the “Act”) late on December 16th. The Act previously passed the House on December 3rd,…
On December 3, 2014 the AICPA Employee Benefit Plan Audit Quality Center issued a Plan Advisory, The Importance of Hiring a Quality Auditor to Perform Your Employee Benefit Plan Audit. The advisory was prepared to provide plan sponsors, plan administrators, and trustees with an understanding of the importance of hiring a qualified auditor to perform their…
As the expression goes, change is inevitable. This year, change in accounting method may also be inevitable. We’ve previously discussed the far-reaching IRS regulations on the deductibility of repairs, maintenance and supplies costs. Those rules provide complex guidelines for determining whether a cost can be expensed in the current year. The regulations also provide avenues…
“What on earth is an estate tax?” As there are many foreign countries that do not have estate/inheritance taxes, this is a question you might hear when dealing with the executor of a non-US decedent who left certain assets located in the US. Estate tax is a tax levied on the net value of the…
Since the Affordable Care Act was passed in 2010, there have been plenty of articles discussing one of its new taxes, the Net Investment Income Tax (NIIT), which assesses an additional 3.8% tax on the investment income of individuals and trusts. (For instance, we posted a planning article, Minimizing “Net Investment Income” in May of…
Day in and day out you’re bombarded with endless variations of that same question. Invariably, this question leads to the topic of a 401(k). It’s promised as the panacea for your dim, penniless future. But the signal to noise ratio can be deafening, and, often times, confusing. So let’s attack this topic with some firm…
August 19, 2014 Portland, Ore. – Perkins & Co, Portland’s largest locally owned public accounting firm, is excited to announce the promotion of Jennifer Elder and Travis Irving from Senior Managers to Shareholders. Author: Marketing Department
We recently posted about the federal tax consequences of owning a vacation home. This post explores a possible Oregon tax consequence for non-Oregon residents who own vacation property in Oregon. Considering moving outside of Oregon? This post also lays out some factors the Oregon Department of Revenue considers when determining your state of residency. Let’s…