After 31 years, Congress has passed major tax reform legislation and sent it to the President for his signature. The bill is the most significant tax reform in a generation and is intended to provide an additional catalyst to grow the economy and stimulate job growth and higher wages. For industrial products organizations in the manufacturing, aerospace and defense, chemical, and automotive sectors, the new provisions are significant and will likely impact their businesses for years to come. Read more
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The IRS, within the last year or so, has begun issuing a final Information Document Request that requests the taxpayer to agree to underlying facts relating to an issue under audit (the Facts IDR).
My general advice to clients is to not respond to the Facts IDR.
This week, the City Council in Portland, Oregon modified the business license tax for publicly traded companies subject to SEC reporting. Basically, before the change, this tax is 2.2% of adjusted net income (City Code 7.02.500). The new language increasing this for either a 10% or 24% surtax, follows: