Beyond the Numbers
Our Beyond the Numbers blog is published with articles on a monthly basis.
Metro and Multnomah County Tax – Required Employer Withholding
by Integrated Tax Services | Taxes
In 2020 voters approved two new income taxes effective January 1, 2021: The Portland Metro Supportive Housing Services Income TaxIncome tax on net income of a business with gross receipts above $5MPersonal income tax of 1% on taxable income above $125K or single...
Washington Long Term Care Tax
by Integrated Tax Services | Taxes
Washington has created a new state program for long-term care insurance. The purpose of the fund is to assist in covering the cost of in-home care or facility care, home modifications, meal delivery, car rides and caregiver training. The fund is self-funded by worker...
Washington Capital Gains Tax
by Integrated Tax Services | Taxes
Beginning January 1, 2022 there will be a 7% capital gains tax on Washington capital gains in excess of $250,000. This tax will generally be imposed on Washington residents but could also apply to nonresidents. A “capital asset” is defined in the same manner for...
Meals and Entertainment Deductions
by Integrated Tax Services | Deadlines
The rules regarding the deductibility of expenses paid by the business for meals and entertainment changed in 2018. More recently there was a temporary change to the regulations to assist restaurants hard hit by the COVID-19 pandemic. Meals purchased from a...
Personal Property Taxes
by Integrated Tax Services | Deadlines
Property tax not only applies to real property, but also applies to personal property that is owned and used in a business. Personal property includes leasehold improvements, machinery, equipment, furniture and supplies. It does not apply to inventory. All...
1099 Reporting Requirements
by Integrated Tax Services | Deadlines
New for 2020 was form 1099-NEC (non-employee compensation) and a redesigned form 1099-MISC. These forms are still applicable for 2021. Taxpayers who have an active trade or business are required to prepare Form(s) 1099 to report various types of payments made during...
Health Insurance Paid on Behalf of Partners and LLC Members
by Integrated Tax Services | Deadlines
Partners in a partnership and LLC members may be able to deduct all the medical, dental and qualified long-term care insurance paid on their behalf and on their family. In order to deduct the premiums: The policy must be in the name of the company, partner or member....
Reasonable Compensation in an S Corporation
by Integrated Tax Services | Business
BackgroundThe IRS has recently hired as many as 2500 new agents specifically trained in spotting shareholders who pay themselves too small of a salary while taking too many distributions. Catching these companies results in a big payoff for the IRS in the form of...
Minimum Wage Rates
by Integrated Tax Services | Deadlines
Effective Jan. 1, 2022, the Washington minimum wage rate increases to $14.49 per hour. The Oregon minimum wage rate increases to $13.50 per hour, unless within the Portland Metro Urban Growth Boundary where the rate will be $14.75.
W-2 Reporting for Health Insurance Paid on Behalf of S Corporation Shareholders
by Integrated Tax Services | Deadlines
You may be able to deduct all the medical, dental and qualified long-term care insurance paid by the corporation on behalf of you and your family. In order to deduct the premiums, the following rules are in place: The policy must be in the name of the S corporation or...