Hunt & Associates P.C.

Jul 16, 2015

Almost ABLE: An Update on Savings Accounts for People with Disabilities

This past January, we told you here about recently enacted federal legislation, the Achieving a Better Life Experience Act of 2014 (the “ABLE Act”), which allows persons with disabilities to establish tax favored savings accounts which can be used to pay for expenses related to their disabilities.

Persons who became severely disabled prior to their 26th birthday may establish an ABLE account, to which anyone can make a contribution. The total annual amount … Read more

Jan 15, 2015

ABLE Accounts: A New Savings Account for People with Disabilities

On December 19, 2014, President Obama signed into law the “Achieving a Better Life Experience Act of 2014”, also known as the “ABLE Act of 2014”. This new law will allow states to establish an ABLE program, under which eligible people with disabilities can set up an ABLE account. These accounts will be modeled after Section 529 (college savings) accounts.

Who can have an ABLE account? Eligibility will be limited to … Read more

Dec 31, 2014

The Threat of a State Capital Gains Tax in Washington

As everyone knows, Washington has no state personal income tax while Oregon imposes a 9% personal income tax on all income earned in the state. Oregon makes no distinction between sources or kinds of personal income in applying its tax. The net effect of this difference can be dramatic. For instance, sale of a capital asset such as shares of corporate stock worth $10 million will result in a $900 thousand Oregon income tax obligation … Read more

Jan 21, 2014

Government and Cigarettes: The Partnership Continues

It’s ironic that at least some states are defending their records as protectors of large tobacco companies.  That, of course, is because when they settled their claims against the major cigarette manufacturers those states promised to diligently protect those companies from competition in exchange for the billions of dollars the companies offered to pay to the states.  It’s a partnership agreement which has accurately been described as “perverse.”  The companies agree to pay the states … Read more

Sep 4, 2013

Same-Sex Marriages Recognized by the IRS

Same-sex couples legally married in states that recognize same-sex marriages will now be treated as married for federal tax purposes.  In a recent IRS revenue ruling, the IRS now interprets the terms “spouse”, “husband and wife”, “husband”, and “wife” to include same-sex couples married in jurisdictions that legally recognize same-sex marriages.   This is a 180 degree turn from prior interpretations of these terms in prior rulings. In fact the ruling is in direct response … Read more

Jan 4, 2013

Estate Planning and the Fiscal Cliff

Congress rang in the New Year by enacting legislation to save us all from the “fiscal cliff” the country was precariously dangling from – the “American Taxpayer Relief Act of 2012”.    The most important impact the legislation has on estate and gift taxes is that it makes the system that was in place over the past couple of years permanent.

As far as estate and gift tax changes go, there weren’t many made … Read more

Jul 12, 2012

The Washington Supreme Court Stumbles Over Disclosure of B&O Tax Charges in Sales

A recent Washington Supreme Court case illustrates the extent to which the increasing convolutions of statutes and case law often lead to absurd results. In Peck v. AT&T Mobility, 174 Wn.2d 333 (2012) the Washington Supreme Court grappled with a question of statutory interpretation which only existed because of its own earlier misreading of a statue to mean more than the statute says.  Rather than resort to a straightforward and reasonable interpretation of the statute … Read more

Dec 30, 2011

No Shark Fin Soup for You: Recent Changes to Oregon Laws

Possessors of shark fins, you now have one day (if you read this on December 30, 2011, to sell, trade or distribute any shark fins that you have in your possession.  After December 31, 2011 you will no longer be able to sell, trade or distribute shark fins in Oregon without a license.  California has enacted a similar law.  After December 31, 2011, you also cannot possess shark fins in Oregon – unless you acquired … Read more

Jun 24, 2011

Oregon Inheritance Tax Bill Passes Oregon House and Senate with Some Tweaks

The house bill analyzed in our previous blog entry, “Future Changes to the Oregon Inheritance Tax Laws” has been passed by both the Oregon House of Representatives and Senate with some tweaks. There is no indication that the governor will further change the bill or refuse to sign it.… Read more

Jan 12, 2011

Future Changes to the Oregon Inheritance Tax Laws

HB 2541 has been submitted to Oregon’s House of Representatives and, if passed, will result in significant changes to the Oregon Inheritance Tax – in fact, even the name will need to be changed to the Oregon Estate Tax.  Currently, estates for decedents residing in Oregon at the time of their death or nonresident decedents that owned real property or tangible personal property located in Oregon at the time of their death must pay Oregon … Read more