December 2022

Happy Holidays from the team at Riley Wigle CPAs!

We hope that 2022 has been a happy, healthy, and prosperous year for you. With the 2022 tax filing season fast approaching, we would like to share a few items to keep in mind for year end.

If you registered for the Oregon PTE program for 2022, remember to make your fourth quarter payment before December 31, 2022 to claim the associated deduction this year.

For S Corporation shareholders, remember to include the cost of your shareholder’s health insurance as box one wages on your W-2. This is one of the most frequent corrections required each year, so work with your payroll providers now to avoid a headache later.

Oregon Paid Leave takes effect January 1, 2023. Employers and Employees will start paying into the program in January and employees can apply for benefits starting September 3, 2023. For more information on this new program, please visit this website.

The IRS issued new draft guidance on foreign taxes for passthrough entities that may require partners and shareholders to opt in or out of certain reporting. While we wait for additional clarification, it is worth noting whether you or your partners expect any business or personal foreign income in 2022 or 2023. If you find that you expect foreign income, please communicate that to us. We will continue to wait for final guidance on this issue.

Please reach out with any questions and enjoy the final weeks of 2022. We look forward to working with you in the upcoming tax filing season and beyond.