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Simplifying the New Lease Standard

Simplifying the New Lease Standard

Under the new lease accounting standard, ASC 842,  private companies are required to adopt for annual financial reporting periods beginning after December 15, 2021, which is 2022 for calendar year-end companies. It’s essential that businesses start planning now if they haven’t already.

We’ve put together a quick reference guide which simplifies the new lease standard and answers commonly asked questions.

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Oregon Pass-Through Entity Tax Rate Modifications

Oregon Pass-Through Entity Tax Rate Modifications

Oregon has allowed a reduced tax rate for qualifying income for sole proprietorships, partnerships and S corporations that is taken on your individual return. The qualifying income must be from a business you materially participated in and the business must have employed at least one non-owner employee worked a minimum of 1,200 hours.

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