August 21, 2018
Greetings!
Looking for the portal?
We are excited to announce a new look here at sgabend.com. You can expect to find the same valuable information, access to our secure client portal and new streamlined access to QuickBooks Online & Bill.com.
To access your portal:
July 18, 2018
Although the original tax filing deadline has come and gone, extension deadlines will be here before you know it. Taxpayers who filed for extension during tax and there returns have not yet been submitted need to read below for due dates and necessary information to complete their 2017 taxes in a timely manner.
If you have provided us all the information...
June 25, 2018
Starting July 1, 2018 all Oregon resident employees will be subject to a new withholding tax, due to the passage of House Bill 2017. Employers are required to withhold 0.1% of all subject wages earned, as defined by ORS 316.162, which will be used to fund improvements to public transportation services. The new Oregon Transit Tax...
June 13, 2018
With summer right around the corner, it is time to remind you that June 15th is the due date for the second quarter estimated tax payments. If you are required to make estimated tax payments, use the payment vouchers that you received following the completion of filing your 2017 returns.
If you have not finalized your 2017 taxes and you believe that you may...
February 20, 2018
We’ve passed the due date for filing Forms W-2 and 1099 – but even if you missed it, you should still file as soon as possible.
If you’ve already filed, did you electronically file your Oregon forms as required? The state has had limits below which you didn’t have to e-file forms with them in the past, but starting with the 2018 filing season (mainly 2017...
February 7, 2018
With tax season officially in full swing, now is the time to start gathering important tax documents. We have compiled a list of documents that will help you prepare for a successful visit with your CPA.
January 17, 2018
If you file your own 1099s, please remember that the recipient copies need to be mailed by January 31st, and the Internal Revenue Service copies are now also due January 31st. If we prepare these forms for you, please get us the information immediately so that they can be prepared timely.
In general, you must provide a 1099 to any unincorporated business (sole proprietors, LLCs,...
December 29, 2017
We’ve had quite a few questions about one particular aspect of the new tax plan signed into law just before Christmas, relating to payment of property taxes. We want to clarify what year end payments taxpayers can make and deduct them in 2017.
The section of our previous communication relating to property taxes read as follows (highlight...
December 29, 2017
As we approach the end of the year we are reminded of the changes that will affect payroll tax withholding and reporting for the next year. This year is no exception, so here are the changes that we are seeing for 2018:
1. Social Security Wage Limit for 2018 will be $ 128,700. This is an increase over the $127,200 cap in 2017. The...
December 26, 2017
Congress has enacted the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there's still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to...
December 20, 2017
One deduction potentially on the chopping block as part of the tax legislation making its way through Congress is the deduction for state income taxes.
If included in the final legislation, no payments made toward state income taxes will be deductible starting in 2018. For those of you who make estimated tax payments or pay a balance due with your income tax return when...
December 11, 2017
Mortgage brokers, lenders, health insurance providers, adoption agencies, regulators and several other third parties will often contact CPAs requesting written correspondence to verify client information. Sometimes these requests may seem simple: A loan officer may wish to confirm a client’s income, or an adoption agency may wish to verify the client’s employment status. This...
September 11, 2017
You may have heard about a massive data breach at Equifax, one of the nation’s three main credit reporting agencies. Approximately 143 million people may be impacted, and information stolen includes names, addresses, social security numbers and dates of birth. In some cases, credit card numbers were stolen as well.
Equifax will not contact...
July 26, 2017
The IRS has introduced an email feature that enables taxpayers to get notifications in their personal email accounts about their payments using IRS Direct Pay or the Electronic Federal Tax Payment System (EFTPS).
Tax payers can now choose to opt in to receive an email for all payments through EFTPS, including those that are made by a contracted payroll provider. Individuals who...
July 14, 2017
Oregon’s House and Senate have recently passed, and Governor Brown is expected to sign, a transportation bill that includes increases to taxes to pay for transportation-related expenditures in Oregon.
One of these taxes is a new Oregon payroll tax of .1% on an Oregon resident employee’s gross wages. The tax is imposed on all Oregon residents, regardless of where...
June 30, 2017
Oregon minimum wage is will increase July 1, 2017. Enacted by the 2016 Oregon Legislature, the annual minimum wage rate increases began July 1st, 2016 and will increase annually through July 1st, 2022.
The Senate bill sets out to separate the rates for employers located in the urban growth boundary, standard, and nonurban counties. Crook and Jefferson County...
June 2, 2017
With summer right around the corner, it is time to remind you that June 15th is the due date for the second quarter estimated tax payments. If you are required to make estimated tax payments, use the payment vouchers that you received following the completion of filing your 2016 returns.
If you have not finalized your 2016 taxes and you believe that you may owe estimated...
May 18, 2017
Many Oregon business owners received a request to file notice for 2016 forms WR. It has been determined that approximately 1000 notices for payroll were issue incorrectly. The accounting community has been reassured that the information has been corrected and updated in the DOR system.
If you have received a notice requesting you to file forms WR, please forward it to your...
March 31, 2017
Of the 1,034,955 individual income tax returns audited in FY 2016, roughly 36.7% (380,260) were selected for examination on the basis of an earned income tax credit (EITC) claim. Only 23.6% of the individual audits were conducted by revenue agents, tax compliance officers, tax examiners and revenue officer examiners. The 76.4% balance of the audits were correspondence audits. The following...
March 13, 2017
As you may be aware, the due date of certain income tax returns has changed starting with the entity’s 2016 return. Partnership returns are now due on March 15th. Because of the earlier due date, we’ve extended many returns that will be completed in the coming month and filed by their previous due date in mid- April.
Oregon’s due date follows the Federal...
February 20, 2017
Amber Yates, CPA and partner at SGA CPAs & Consultants, has been nominated for the Bend Chamber Woman of the Year award. The award program is in its third year and celebrates women in our local community in five categories. The Woman of the Year award recognizes women who have excelled in their career, field or passion and/or have made a significant achievement in a...
January 23, 2017
Attention business owners: It’s time to provide 1099s to vendors that you paid $600 or more for services or rent in 2016. You must issue 1099s to non-incorporated businesses (eg. Sole Proprietors, LLCs and Partnerships). In general you do not need to issue 1099s to Corporations. An exception to this rule is that you must issue 1099s to attorneys that have...
January 12, 2017
This is a reminder to all employers who issue W-2s and businesses and rentals that issue Forms 1099-MISC for non-employee compensation (Box 7), that the PATH Act of 2015 permanently changed the filing deadlines for these forms.
The forms have always been required to be provided to recipients by January 31st of each year, but the PATH Act accelerated the date these forms need...
November 23, 2016
Thanksgiving is just around the corner with Christmas rapidly approaching. It has become the season of giving which can also translate into the season of tax planning. As your heart gets into the giving spirit, your tax return is ready to give back as well in the form of tax deductions and savings. There are a few strategies to help increase deductions or lower taxable...
October 28, 2016
With leaves rapidly hitting the ground and the mountains being covered in white, it is time to start looking ahead to the 2016 tax compliance season. Instead of looking at it from your rearview mirror though, now is a chance to get ahead of the curve and plan for it. There are a few methods that all Oregon residents can apply to their tax situation to help reduce their Oregon tax...
October 12, 2016
There is an insidious new IRS scam doing the rounds. They send you a phony IRS CP 2000 form and claim the income reported on your tax return does not match the income reported by your employer. This is meant to get you worried. To confuse you further, the bad guys claim this has something to do with the Affordable Care Act.
You might receive emails with attached phony...
September 7, 2016
Taxpayers are still reporting receiving phone calls from callers pretending to be the IRS,
threatening with legal action for unsubstantiated tax issues. A client of ours just received a
July 12, 2016
In May 2016, new overtime laws for salaried employees were announced, and they will go into effect December 1, 2016.
Follow this guide to make sure you are in compliance:
July 8, 2016
Enacted by the 2016 Oregon Legislature, Senate Bill 1532 establishes a series of annual minimum wage rate increases beginning July 1, 2016 through July 1, 2022. Beginning July 1, 2023, the minimum wage rate will be indexed to inflation based on the Consumer Price Index (CPI), a figure published by the United States Bureau of Labor Statistics.
In addition...
June 27, 2016
Starting in 2017, the 2016 tax filing year, the IRS will be required to hold refunds which resulted from taking the Earned Income Tax Credit or the Additional Child Tax Credit. Taxpayers can expect to have their returns accepted and processed beginning Feb. 15th.
This is the latest move by the IRS and congress in an effort to reduce the number of fraudulently filed tax...
June 17, 2016
Several of our clients have received notices from the Oregon Department of Revenue recently relating to their 2015 tax payments and balances due. The notices assess additional penalties based on underpayment of estimated taxes. If you receive a notice, please let us know so we can investigate before you pay the balance it shows owing.
June 13, 2016
With summer right around the corner, it is time to remind you that June 15th is the due date for second quarter estimated tax payments. If you are required to make estimated tax payments, use the payment vouchers that you received following upon completion of filing your 2015 returns.
If you have not finalized your 2015 taxes and you believe that you may owe estimated tax...
June 6, 2016
In late May, Intuit, the maker of QuickBooks, announced that it was implementing added security features to its QuickBooks Desktop software. As a result of these changes, QuickBooks Desktop users will need to be on the latest update of QuickBooks Desktop in order to utilize the QuickBooks Desktop Accountant Copy File Transfer Service (ACFT).
Going forward, users must have...
May 31, 2016
Spring Greetings!
Although the original tax filing deadline has come and gone, extension deadlines will be here before you know it. As you know, your returns are currently on extension.
If you have provided us all the information to complete your returns, thank you! We’ll be in touch soon with any additional...
May 11, 2016
The IRS is finally listening to taxpayer concerns regarding telephone scammers who claim to be employees of the federal taxing agency. In an effort to reduce confusion, the IRS has announced that it will no longer notify taxpayers by telephone when they have been selected for an in-person field audit.
The IRS will now send a letter informing taxpayers if they have been selected...
April 29, 2016
Wanda Woodall has joined the team at SGA and will be leading our newly established VFO (Virtual Financial Officer) client accounting solution. As the VFO manager, Wanda will oversee the onboarding and administration of our VFO clients. The services our firm offers to these clients are comprehensive; from paying daily bills and invoices, account...
April 8, 2016
Corporations pay a $150 fee with the filing of their 2015 income tax return to the Oregon Department of Revenue. Corporations were required to file their 2015 income tax return by March 15, 2016; however, the return may be extended until September 15, 2016. In order to avoid penalty and interest, the $150 must be paid with an extension payment voucher by April 15,...
March 8, 2016
The IRS has issued an alert to payroll and human resource professionals of phishing emails that purport to be from company executives and request personal information about employees.
“This is a new twist on an old scheme using the cover of the tax season and W-2 filings to try tricking people into sharing personal data. Now the criminals are focusing their...
March 3, 2016
As you may well have noticed, we did not send out paper copies of client organizers this year. You should have received a letter back in November notifying you of the change, then an email in January with instructions on how to access your client portal and organizer. We know that it is easy to overlook a letter or an email, so we thought it best to publish the instructions where...
February 23, 2016
The IRS has reported a fourfold increase in email phishing and malware incidents already this tax season.
These emails are created to trick taxpayers into believing that they have received an official notice from the IRS or possibly even tax preparation & software companies. There have also been reports that the scammers are now trying to make contact with taxpayers...
February 3, 2016
You’ve probably received some of the documents needed to prepare your taxes for 2015, and are working on compiling other information that completes your income tax picture.
You may have noticed that many of the tax forms you need have been coming in later in recent years. Deadlines for brokerages to report investment income on Form 1099 to you have been extended. Also, if you...
January 29, 2016
Beginning in 2016, all taxpayers who have health coverage should receive a Form 1095 reporting details of the health insurance they had in place in the prior year. While the form itself isn’t filed with your return, it’s important that you provide this form to your tax preparer so that the relevant information contained on it can be included on your tax return when...
January 22, 2016
As a business owner, you’re aware that many payments you make to unincorporated taxpayers (individuals, LLCs, partnerships) require that you prepare a Form 1099 to provide to that payment recipient and the Internal Revenue Service each year. In general, you must provide a 1099 to anyone who falls under the above categories that you paid for services and where your total payments...
January 14, 2016
The final installment of estimated tax payments is due tomorrow. If you are required to make estimated payments, January 15th marks the deadline to have your payments postmarked and on their way to the IRS.
When mailing your payments, be sure to include the payment voucher that was provided to you upon completion of your 2014 taxes. If you cannot locate your...
January 8, 2016
As if dealing with identity theft isn’t enough, the IRS released a statement earlier this week informing taxpayers that if they received an IP PIN letter dated January 4, 2016 they are to use the PIN provided to file their 2015 taxes, not for filing 2014 as the letter indicated.
Victims of tax related identity theft rely on an Identity Protection PIN issued by the IRS to verify...
December 31, 2015
The IRS has announced the official start date of the 2016 tax filing season. This year there is no tiered opening and everyone can begin to file their returns on January 19, 2016. More importantly, the tax filing deadline falls on April 18th for 2016.
Taxpayers will be happy to know that this year they have 3 additional days to complete their tax returns because the...
December 24, 2015
Local police officers are warning of yet another IRS scam. Bend police report that several citizens have received threatening phone calls demanding payment or face the possibility of going to jail or incurring more fines.
These callers are NOT from the IRS. The IRS will never call and threaten to take you to jail or impose additional...
December 18, 2015
As you’re probably aware, many important business tax incentives have been expired since December 31, 2014. Among the provisions that have been dead for nearly a year are the R&D credit, bonus depreciation, and enhanced Section 179 write-offs of asset acquisitions. As for individuals, they lost the itemized deduction for state and local sales taxes in lieu of income...
December 8, 2015
Late in November the IRS surprised small business owners with an increased tangible property expensing threshold. What this means in laymen’s terms is, capital assets with useful life over one year and costing $2,500 or less can be an immediate current year expense. Not only did they increase the expensing threshold from $500 to $2,500, but they also simplified recordkeeping...
December 2, 2015
There are only a few days left to make any changes, or to enroll, in a health plan through Medicare. It is possible that existing medical and prescription drug plans have changed, so it is always important to look over any materials that may have been sent to you.
Assessing your anticipated healthcare and prescription coverage needs now could save you in the long...
November 20, 2015
The group of tax breaks commonly referred to as “extenders,” are still hanging in the balance as Congress has yet to push forward with a vote for renewal. There was a fleeting hope that the tax relief would be approved earlier this year, however, there has been little action on the Senate or the House floor to send a bill to the president for his signature.
If the...
November 10, 2015
Oregon has passed a law requiring employers to provide sick leave to employees starting on January 1, 2016. Employers with ten or more employees (or employers with Portland operations and six or more employees anywhere in Oregon) will be required to provide up to five paid sick days per year to its employees, and employers with fewer employees will be required to provide up to five...
November 2, 2015
Although we do not have sales tax in Oregon, you may do business outside of our home state and need a system to calculate sales tax in a multitude of jurisdictions. Managing these calculations manually can be time consuming, and costly on many levels. Fortunately, for those business owners/operators who use QuickBooks online, we may have found a new app that may remedy your sales...
October 23, 2015
The Social Security Administration announced earlier in the month that there would be no automatic cost of living adjustments for 2016. This is only the 3rd time since 1975 that there has been no cost of living adjustment for beneficiaries. Similarly, the SSA announced that the Social Security portion of the FICA tax will maintain its current tax rate of 6.2% on maximum...
October 14, 2015
Making timely payments to the IRS can be both stressful and somewhat of a hassle. Instead of dealing with payment vouchers, checks and the post office you may want to consider making your payment online. The IRS does offer a secure service to pay your estimated payments or personal tax bill via Direct Pay on the IRS website.
To pay directly from your checking or...
September 28, 2015
Individuals who received advanced Premium Tax Credits (PTCs) from the health insurance marketplace must file an additional form with their 1040 to reconcile the payments they received. If Form 8962 is not filed with the taxpayer’s 1040, the individual will not be eligible for Premium Tax Credits when they renew coverage in 2016.
The majority of our clients would have...
September 18, 2015
The IRS has approved new per diem rates to go into effect on October 1, 2015. IRS notice 2015-63 describes the new rates for special transportation industry meal and incidental rates, the rate for incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
The special rates for those in the...
September 8, 2015
As the season changes yet again, it is time to pay your third installment of estimated tax payments. If you are required to make estimated payments, September 15th marks the deadline to have your payments postmarked and on their way to the IRS.
When mailing your payments, be sure to include the payment voucher that was provided to you upon completion of your 2014...
August 20, 2015
On July 31, 2015 President Obama signed into law a transportaion bill, providing funding for highway transportation issues and veterans healthcare. The bill also included some unexpected modifications to tax return and extension dates.
The most notable changes come to the filing deadlines for partnerships and C corporations. Both due dates have been altered by one month...
August 10, 2015
The Oregon legislature recently enacted new law with regard to municipal audit filings. Please contact Brenda Bartlett if you have any questions about the new law.
Requirement of Plan of Action submitted to Secretary of State
The most significant change is that all municipalities will now be required to...
July 17, 2015
Small employers who are not applicable large employers (less than 50 employees) should be aware that they could be subject to a $100 penalty per day, per employee if they reimburse or pay a premium for an individual health policy for its employees. Transition relief from the excise tax ended July 1.
The tax relief was originally put in place to assist small businesses in their...
June 24, 2015
Oregon has passed a law requiring employers to provide sick leave to employees starting on January 1, 2016. Employers with ten or more employees (or employers with Portland operations and six or more employees anywhere in Oregon) will be required to provide up to five paid sick days per year to its employees, and employers with less employees will be required to provide up...
June 9, 2015
With summer right around the corner, it is time to remind you that June 15th is the due date for the second quarter estimated tax payments. If you are required to make estimated tax payments, use the payment vouchers that you received following the completion of filing your 2014 returns.
If you have not finalized your 2014 taxes and you believe that you may...
June 1, 2015
The IRS’s Get Transcripts Online service has been compromised and over 100,000 people have had vital information stolen by identity thieves. It appears as though hackers already had enough taxpayer information to bypass the identity authentication process that the IRS had in place. Once the culprits were able to gain access to the online transcript information, they then were able...
May 8, 2015
We are happy to announce the next issue of our premium client magazine--designed just for you! It’s another information-packed issue, so be sure to read every article. Take a look at what’s in store for you…
The Perfect Home Office | Make your work space work for you. Working fromhome—or even just taking care of routine...
April 6, 2015
As tax day is steadily closing in upon us, we would like to remind you that not only is April 15th the deadline to file your income tax, but it is also the due date for your first estimated tax payment of the year. If you have already had your taxes prepared and are required to make estimated tax payments, please do so by April 15th.
If you have not finalized your 2014 taxes...
March 30, 2015
With the increase of identity theft cases this tax season, the IRS has issued a few key reminders on how they will communicate with you and what you should do if they do contact you.
• The IRS will NOT call you without first sending you mailed correspondence.
• The IRS will NOT use email or social media to contact you...
March 11, 2015
The IRS and U.S. Treasuring have issued final tangible property regulations (TPRs) that govern when taxpayers must capitalize and when they can deduct expenditures for acquiring, producing or improving tangible property. These regulations are fully effective for the 2014 tax year. The regulations introduce complex, new definitions and requirements that, in some instances conflict with prior...
March 4, 2015
We are happy to announce the next issue of our premium client magazine--designed just for you! It's another information packed issue, so be sure to read every article. Take a look at what's in store for you....
A Growing Concern If your bank account took a hit around the holidays and you haven't had the means (or the discipline) to replenish it, or...
February 13, 2015
Was your tax-prep bill high last year because of investments in alternative assets? Your cost for income tax reporting on these assets can swamp your investment returns.
A recent Wall Street Journal article reported on the phenomenon that is driving up tax preparation costs for a number of wealthy tax payers. People invest in private-equity funds, hedge funds and other...
January 21, 2015
BY MICHAEL COHN
The pervasive IRS impersonation phone scam has claimed nearly 3,000 victims who have collectively paid over $14 million, according to a new warning from the Treasury Inspector General for Tax Administration.
As the 2015 tax filing season begins, TIGTA reminded taxpayers to beware of phone...
January 16, 2015
SGA Certified Public Accountants & Consultants is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.
Take...
December 16, 2014
The IRS announced that almost 126 million tax returns were electronically filed (e-filed) during 2014. More than 47.9 million returns were prepared and e-filed by taxpayers from their home computer; up from 45.2 million a year ago, while e-filed returns from tax professionals increased slightly, totaling almost 78 million returns. During 2014, the IRS issued more than 109 million refunds...
December 11, 2014
The Internal Revenue Service issued the 2015 optional standard mileage rates that are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be 57.5 cents per mile for business miles driven, up from 56 cents in...
December 10, 2014
Taxpayers born before 7/1/1944 generally must receive the Required Minimum Distribution (RMD) payments from their IRAs and workplace retirement plans, including Section 401(k) , 403(b) , and 457(b) plans, by 12/31/14. A special rule allows those who reached age 70 1/2 during 2014 to wait until as late as 4/1/15 to receive their first RMD. The special April 1 deadline applies only to the RMD...
December 2, 2014
The IRS reminds individuals and businesses making year-end charitable contributions of several important tax law provisions and the substantiation requirements to deduct the contributions. Some of the reminders to consider include (a) obtaining a written acknowledgement from the charity for gifts worth $250 or more, (b) having a bank record or written statement from the charity, regardless of...
November 14, 2014
Oregon economists say there is about a 50% chance that there will be a kicker tax refund in 2015, based on the strengthening state economy. The kicker is a unique Oregon law that requires the state to refund money to taxpayers if revenue is higher than previously forecasted for a two-year period. For more information on the possible kicker, see
November 6, 2014
In 2015, for the third year in a row, the basic Medicare Part B premium will stay at $104.90 a month. However, taxpayers with Modified Adjusted Gross Income (MAGI) from two years ago exceeding a threshold amount will pay higher monthly premiums. For example, an individual with a federal filing status of married filing jointly with 2013 MAGI of $170,001–$214,000 will pay $146.90 in 2015...
November 4, 2014
The Social Security Administration (SSA) announced that the maximum earnings subject to the Social Security component of the FICA tax will increase to $118,500 in 2015 from $117,000 in 2014. This means, that for 2015, the maximum Social Security tax that employers and employees will each pay is $7,347 ($118,500 x 6.2%), and a self-employed person with at least $118,500 in net self-employment...
November 3, 2014
As more incidents of aggressive telephone scams continue throughout the country, the IRS unveiled a new YouTube video with a renewed warning to taxpayers not to be fooled by imposters posing as tax agency representatives. In a News Release, the IRS reminds taxpayers of actions that scammers often do but the IRS will not do, such as calling to demand immediate payment and asking for credit or...
Greetings!
Looking for the portal?
We are excited to announce a new look here at sgabend.com. You can expect to find the same valuable information, access to our secure client portal and new streamlined access to QuickBooks Online & Bill.com.
To access your portal:
Although the original tax filing deadline has come and gone, extension deadlines will be here before you know it. Taxpayers who filed for extension during tax and there returns have not yet been submitted need to read below for due dates and necessary information to complete their 2017 taxes in a timely manner.
If you have provided us all the information...
Starting July 1, 2018 all Oregon resident employees will be subject to a new withholding tax, due to the passage of House Bill 2017. Employers are required to withhold 0.1% of all subject wages earned, as defined by ORS 316.162, which will be used to fund improvements to public transportation services. The new Oregon Transit Tax...
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