Parsons & Germer CPAs, LLP

02/07/2023

Below is a quick update for our business tax clients that may be impacted by this developing tax issue related to research & development costs. If Congress does not act soon, the tax issue could require protective extensions and increase net taxable income for the 2022 tax year.

We put together a 12-minute video that explains what happened, the R&D rule before 2022, the new rule effective 1/1/22 (if Congress fails to act), and what you should do at this point. There is time-sensitive information for clients that currently claim the R&D credit and considerations for clients that do not claim the credit but could have expenses that qualify as R&D and therefore be impacted by the new amortization rule.

We strongly recommend watching this video and calling us if you have any questions.

If you have a business that either claims the Research & Development (R&D) tax credit, or has costs that could be classified as R&D, this video provides…

01/03/2023

Here is the latest update for our individual tax clients. Please watch this before submitting data for your 2022 tax returns.

Happy New Year! We wanted to provide an update for our individual tax clients going into the upcoming 2023 tax season. This video provides information on gathering…

12/09/2022

This is a time-sensitive update for our clients with a flow-through business entity (S Corp or partnership). We have a new tax program in Oregon for 2022, and it adds some complexity to your year-end tax planning. If it applies to you, an OR PTE-E payment will likely need to be made by 12/31 in order to maximize the benefit for 2022. This is the summary video, but there is a link in the description for a full, in-depth walkthrough if you would like more information.

We have a new Oregon tax program for 2022 for those of you with a flow-through (S Corporation or partnership), and this provides some time-sensitive information…

02/10/2022

A walkthrough of our approach to the Employee Retention Tax Credit (ERC or ERTC) this tax season for our business tax clients. This video goes through the gross receipts tests, the "full or partially suspended" requirement and the tax implications of claiming the tax credit.

02/04/2022

If you are self-employed (sole proprietor, single-member LLC reported on Schedule C, or a partner in a partnership) and have net earnings in 2021 or 2020, we will likely be sending you this worksheet when we start working on your return. If you meet the qualifications, you may be entitled to a federal tax credit based on your net earnings and the number of days you were unable to work. Like other COVID relief programs, it is overly complex, but hopefully, this worksheet makes it easier to understand.

02/04/2022

A walkthrough of our Liscio portal and the documents we will be sending you for the 2021 tax return preparation. More videos coming soon.
Thank you for your patience - COVID finally hit our office, so we are finally recovered and launching into the busy season.

02/04/2022

If you need to send us documents, please use the scanner that is built into the Liscio app rather than sending us image files. Cropping out thumbs and converting image files to pdfs takes extra time and increases tax prep cost, whereas the Liscio scanner does all the cropping and conversion for us.

For those “I don’t have a scanner.” clients, Liscio has you covered. Don't make your clients jump through hoops to work with you. Give them a modern, all-in-...

01/18/2022

Liscio is unfortunately down this morning. They are rarely down, but of course, the one time they are down it is a deadline.
We’ll update you as soon as service is restored.

01/10/2022

If you have children that were under age 18 at the end of 2021, be on the lookout for these 6419 letters from the IRS. If married, each spouse should receive a separate letter. It is crucial that we receive these letters when we prepare your 2021 tax returns.

Child tax credit recipients need to be on the lookout for this letter from the IRS, which has started arriving in mailboxes.

01/10/2022

Weekly update for our business tax clients - SHS/PFA withholding requirements, 1099-NEC and MISC deadline, and Nick's retirement.

01/10/2022

Weekly update for our individual tax clients - find out about Nick's retirement, 2021 tax organizers, updating your W-4 for 2022, documents needed for Advance Child Tax Credit and EIP3, and estimated tax payments due 1/18/22.