Blog: Accounting Unbuttoned

Where Perkins explores accounting topics and news.

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Getting Information Ready for Tax Accountants Part I: Small Businesses

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January again! The busiest time of year for many accountants and bookkeepers. There’s the general ledger to reconcile and close out, financial statements to produce, 1099 forms and payroll filings to complete, and personal property tax returns to file. But wait! There’s another task to consider…the income tax return. Fortunately, the CPA prepares the income…

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The 411 on the 1099-MISC

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The New Year has arrived, and with it, the 1099-MISC filing season.  Many small business owners and their accounting staff fear this half-page tax form, and understandably so.  The 1099-MISC looks simple but presents surprising complications.   If the 1099-MISC were required for all payments to all recipients, it would be burdensome, but simple – businesses…

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The Magic of Tax Planning!

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As 2013 draws to an end, we at Perkins find ourselves with a few tax planning tricks up our sleeves that we’d like to share. Congress may make look you in the eye and resolutely promise tax reform, but we suspect that the most we’ll get this year is a broken wand and a puff of…

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Trusts and the 3.8% Medicare Surtax

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Welcome to the wacky world of the new 3.8% Medicare Surtax! Did you know it also applies to trusts? As we have previously reported, a 3.8% “Medicare Surtax” on net investment income (NII) has been in place since January 1, 2013. Income that just last year was taxed no higher than 35% could reach a new…

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Act Now or Pay Later: Unraveling the New “Repair” Regulations

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The road to the final regulations has been an arduous one, and has involved significant revisions as the IRS solicited and received feedback. The good news is the IRS listened and considerably altered many aspects from the temporary regulations. The bad news is the regulations as issued still have an unusually large scope and will affect taxpayers…

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Got Your Property Tax Bill? Are You Feeling Compressed?

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It’s property tax assessment season, and, no, that headline is not a typo.  Welcome to the time of year where property owners get to see how last years’ vote is going to affect their pocketbook.  The results might trigger a bout of compression (and depression). You may be asking yourself, wait… what was the vote…

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Oregon Recognizes Out-of-State Same-Sex Marriages

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Despite Oregon’s continuing constitutional ban on same-sex marriages, the Oregon Department of Administrative Services announced today that all Oregon agencies will recognize the legal marriages of gay couples. If you like your laws to avoid needless complexity, this is good news:  it aligns Oregon’s position with that of the federal government, and permits any Oregon…

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Oregon Budget Deal Good for Active Owners of Partnerships, LLCs, S Corps

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Last week, the Oregon legislature passed HB 3601 as part of the “grand bargain” that, among other provisions, changes individual and corporate tax law in Oregon. The law included some tax breaks as well as tax increases. It raises revenue with increased tax rates for C corporations with taxable income over $1M, and by curtailing…

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Tangible Property Update

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Last month the IRS released final tangible property regulations which include significant taxpayer-friendly changes and will challenge virtually every business effective January 1, 2014.  The basic requirements within the temporary regulations covering acquisition and improvements of tangible property issued in December 2011 remain intact.  Changes to the temporary regulations were made to “clarify, simplify and…

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Married In Any Jurisdiction Means Married Under Federal Tax Law

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Earlier this summer, the Supreme Court ruled unconstitutional the provisions of the federal Defense of Marriage Act that prohibited same-sex married couples from utilizing the federal tax benefits accorded to heterosexual married couples. The specifics of the Windsor decision left ambiguous whether federal law would treat as “married” couples who were not considered married under…

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