Oregon Dept of Revenue to start processing state tax returns on Friday ktvz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ktvz.com Daily Mail and Mail on Sunday newspapers.
State agencies urge workers to check if they qualify for Earned Income Tax Credit
SALEM, Ore. (KTVZ) As the 15th anniversary of the Earned Income Tax Credit Awareness Day approaches on Friday, the Oregon Department of Human Services and the Oregon Department of Revenue are encouraging all workers with income in 2020 to check their Earned Income Tax Credit eligibility.
The Earned Income Tax Credit, which may give families up to $6,660 back when they file taxes, is a federal and state tax credit for people making up to $56,844 per year. Too many Oregonians miss out because they simply don’t know about it.
Even though there are record revenues and record state tax receipts, cannabis retailers are struggling.
IRS Section 280e puts a heavy burden of additional federal business taxes on cannabis retail businesses.
The greatest share of business risk is borne by main street: smaller businesses, and women & BIPOC-owned businesses.
IRS Section 280e puts the effective tax rate for cannabis operators at between 60% – 70%. Retailers are hit hardest by this policy.
Data on cannabis retailer sales tax payments in Oregon indicate that retailers are increasingly falling behind on their payments.
On average, retailers are behind nearly $20,000 in state taxes. How will they suddenly be able to pay an annual average of $146,000 in Federal taxes?
The Oregon Liquor Control Commission Will Seek To Change its Name Without Altering Acryonym wweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wweek.com Daily Mail and Mail on Sunday newspapers.