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Delap Blog - Accounting Updates, Resources, and News

22 May

Like-Kind Exchange vs. Opportunity Zones

May 22, 2019 | By | No Comments

Like-kind exchanges and opportunity zones are both ways investors can defer taxes. But, what are the differences between the two, and is there a better option? Opportunity zones are one of the hottest topics in the real estate and investment communities right now. They’re an attractive tax strategy because of the three separate tax benefits […]

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15 May

New Backup Withholding Requirements from the IRS

May 15, 2019 | By | No Comments

Authors: Joshua Caddel, CPA and Haley Norwood, CPA The IRS recently released a reminder that the TCJA reduced the backup withholding tax rates from 28% to 24%, while bonuses and other supplemental income backup withholding tax rates were lowered to 22%. Any payments exceeding $1 million, subject to the backup withholding, require withholding at a […]

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14 May

Limit Surprises Next Tax Season by Checking Your Withholdings

May 14, 2019 | By | No Comments

Authors: Joshua Caddel, CPA and Haley Norwood, CPA With the changes from the Tax Cuts and Jobs Act (TCJA), many taxpayers were surprised with less than favorable results after filing of their 2018 tax return. Likely, part of the problem was not withholding enough from each paycheck to cover federal and/or state taxes. Because of […]

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03 May

Oregon House Bill 3427 Passes the House and Moves to the Senate

May 3, 2019 | By | No Comments

On May 1, 2019, the Oregon House of Representatives passed House Bill 3427.  This bill is referred to as the “Student Success Act” and is now in the Senate.  If passed in its current form, this bill would: Establish the “Fund for Student Success” which is separate and apart from the General Fund Establish a […]

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20 Mar

Tax Savings for First-Time Homebuyers

March 20, 2019 | By | No Comments

The Oregon Legislature passed a bill (HB 4007) that provides tax benefits for those saving for their first home. First-time homebuyers in Oregon may be allowed to deduct up to $5,000 ($10,000 if married filing jointly) from their taxable income for deposits in an Oregon First-Time Homebuyers Savings Account (FTHSA). The total amount of principal […]

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