2022 Tax Extensions
If you need to file an extension for your 2022 tax return, review these important details: 2022 Tax Extensions
Update for Owners of Pass-Through Entities
Oregon has released regulations allowing owners of eligible Pass-Through Entities (PTE) to pay their individual Oregon tax liability at the entity level, and take a personal credit for the tax paid by the entity. Eligible entities include Partnerships and S-Corporations, that meet specific requirements.
The benefit to this election is the ability for PTEs to deduct state income taxes at the entity level, avoiding the federal limitations on individual tax returns. This could also be beneficial to individuals who don’t typically itemize their deductions.
The first required Oregon estimated tax payment deadline is June 15, 2022, and registration for eligible entities opens June, 6, 2022.
With the first required payment deadline rapidly approaching, feel free to reach out to our staff if you have further questions on this topic, or if you have questions about registering your entity.
Read more about this topic at Oregon.gov