July 18, 2019
We wanted to update you on a recent development in Oregon’s gross receipts tax.
Several weeks ago, we notified you regarding a bill that had passed the Oregon legislature which levies a gross receipts tax on businesses with gross receipts over $1 million. The tax is $250 plus 0.57% of sales over that $1 million mark. A subtraction of 35% of the greater of labor costs or cost of goods sold is available to be taken against gross receipts before applying the 0.57% calculation.
Today, the Oregon Manufacturers & Commerce organization issued a statement that it will abandon the fight against this bill. The organization cited several roadblocks, including difficulty in obtaining petition forms, a vote by the legislature to move a proposed election to January 2020 instead of the following November, and corrections passed late in the session which the opponents said were significant enough that they would require a second repeal effort later.
Following is a link to the full article that appeared in The Oregonian: https://www.oregonlive.com/business/2019/07/manufacturers-abandon-effort-to-repeal-new-1-billion-oregon-business-tax.html?utm_source=facebook&utm_campaign=theoregonian_sf&utm_medium=social&fbclid=IwAR2spsfIAaZZgeq3xNcsq9O-JW019uCWvar_633c9MuHLD9wpxfwCrTgpA4
SGA will continue to monitor the Department of Revenue for specific instructions for calculation of the tax and reporting mechanisms not yet available. Once they provide us with that information, we will be able to provide you with information relating to the law’s effect on your specific situation. As always, please reach out to one of our staff if you have any questions.
The Federal government retroactively extended many tax breaks that may affect your 2019 and 2018 tax returns. Extended tax breaks that impact personal income tax returns include:
It has come to our attention that at least one client has received an email appearing to be from “Steve Greer” that asks the recipient to click a link to retrieve documents. This email is a hoax and should be deleted immediately – DO NOT click on the link provided.
If you receive an email that appears suspicious, the first step you should follow...
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