Beyond the Numbers
Our Beyond the Numbers blog is published with articles on a monthly basis.
Oregon Paid Leave
by Integrated Tax Services | Taxes
Effective January 1, 2023 employers were required to start making contributions to the Paid Leave Oregon fund. The law applies to both public and private employers with one or more employees, and self-employed individuals may opt in for coverage. Employers with less...
Washington Capital Gains Tax
by Integrated Tax Services | Taxes
The Washington 7% tax on capital gains in excess of $250,000 went into effect January 1, 2022. This tax will generally be imposed on Washington residents but could also apply to nonresidents with transactions occurring in Washington, and individuals with ownership of...
Meals and Entertainment Deductions
by Integrated Tax Services | Deadlines
Meals are back to being only 50% deductible after being 100% deductible during the pandemic. Businesses should have three categories of meals and entertainment to account for the following: Non Deductible: Entertaining clients, prospects, etc. even if a business was...
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
Taxpayers who have an active trade or business are required to prepare Form(s) 1099 to report various types of payments made during the year. The filing requirement does not include payments made to corporations unless it is a payment for legal services rendered....
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, 2024, the Washington minimum wage rate increases to $16.28 per hour. The Oregon minimum wage rate is currently $14.20 per hour, unless within the Portland Metro Urban Growth Boundary where the estimated rate is $15.45.
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...
W-2 Reporting of the Personal Use of Business Vehicles
by Integrated Tax Services | Deadlines
If a business owns or leases vehicles that shareholders or employees use for personal reasons (including commuting) you need to include an employee benefit amount in W-2 wages. The Internal Revenue Service has established valuation guidelines to be used in calculating...