If you would like to make the election, you will be required to register on Revenue Online before estimated payments can be made.
Registration will open June 6, 2022. For the 2022 tax year, the first required estimated tax payment is due June 15, 2022. The first quarter estimate was not required, therefore the estimated payment due on June 15, 2022, should include the first and second quarters of 2022.
How to Register HERE
What is this Tax? Entities taxed as S-corporations and partnerships may elect annually to be subject to the Oregon PTE-E for tax years beginning on or after January 1, 2022. To qualify for this election, all members/owners of the pass-through entity must be individuals, grantor trusts, or pass-through entities that are owned entirely by individuals subject to personal income tax. By making this election, the first $250,000 of distributive proceeds is taxed at 9%, and any amount exceeding $250,000 is tax at 9.9%. The passthrough entity would make the election to pay the PTE-E tax, and the member/owner(s) may then claim a tax credit for the tax paid by the pass-through entity on their share of distributive proceeds. This would allow for the pass-through entity to deduct state income taxes as a business expense.
Why do I need to Register?
To pay the tax and to give your accountant visibility to view payments and sent notices.
To determine if your partnership or S Corporation should make this election or other state and local tax matters, please contact your accountant or call 503-362-9152 to set an appointment.
IRS announces 2024 retirement account contribution limits: $23,000 for 401(k) plans, $7,000 for IRAs
The Internal Revenue Service (IRS) has released the new 2024 contribution limits for investors’ retirement accounts, bringing some noteworthy changes. These adjustments impact 401(k) plans,