Oregon

Who Qualifies as an Oregon Resident for Income Tax Purposes?

Oregon imposes a personal income tax on all residents of the state under the authority of ORS § 316.037(1)(a) (2010).  By statute, an individual is a resident of Oregon under two scenarios.

A.  An individual who is domiciled in Oregon, unless he a) does not have a permanent place of abode in Oregon; b) maintains a permanent place of abode in a place other than Oregon, and c) spends less than 31 days of a taxable year in Oregon. ORS § 316.027(A)(i)-(iii).

MERS Defeated Again in Oregon

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Foreclosure Fiascos Contiune...

We recently wrote a post describing a MERS defeat in Oregon Bankruptcy Court, and MERS (an acronym for Mortgage Electronic Services, Inc., an electronic registry) is in the news once again. This has not only been a hot topic in Oregon, but people around the nation have been attacking MERS as foreclosures mount and banks turn defaulting homeowners out into the streets.

By |Jun 16, 2011|Categories: Bankruptcy|Tags: , , , , |

Notify State Of IRS Audit Or Jeopardize Tax Dischargeability

Many states have their own personal income tax.  Generally these states also have laws that require a taxpayer to submit a copy of the IRS audit report if the federal liability is adjusted due to a reallocation of income or deductions on a previously filed return.   The failure to do so may cause bankruptcy discharge problems .  Changes to federal law contained in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 may render any undisclosed increase in liability a non-dischargeable debt for bankruptcy purposes.

By |May 29, 2011|Categories: Bankruptcy, Tax Law|Tags: , , , , |

MERS Is Not A Trust Deed Beneficiary in Oregon

Many home lenders use an entity called Mortgage Electronic Registration Systems, Inc., or “MERS” as a nominal party in loan transactions to facilitate an electronic central registry of note holders and servicers.  On its website, MERS claims many benefits to use of their services.  According to the website, MERS should be named in security instruments as a “nominee for the lender” in order to “eliminate the need for assignments and realize the greatest savings.”  In an Oregon deed of trust instrument, MERS is often named as “Beneficiary” in its nominee capacity.

A recent decision in the Oregon Bankruptcy Court by Chief Judge, Frank R. Alley, III, complicates matters dramatically for institutional trust deed holders using the MERS system when they attempt to foreclose defaulted home loans. 

Limited Time Oregon Tax Amnesty Program

Its about Time Series IIDo you have un-filed tax returns? Have you been waiting to amend an Oregon tax return but were afraid to do so because of penalties and interest? Well, now is your chance to get caught up.

What is Oregon Amnesty?  Oregon Amnesty can eliminate all penalties and half of the interest you would normally owe for late filed and/or non-paid Oregon taxes.  This can be a huge savings especially if you have not filed for a number of years where the penalties can be as much as 100% of the tax owed. 

By |Sep 24, 2009|Categories: Tax Law|Tags: , , , , , |

Earned Income Credit Fully Exempt in Oregon

As explained in Dana Wilkinson’s article arguing in favor of a federal exemption for the Earned Income Credit, the federal credit, created by 26 U.S.C. §32 (1994), is a refundable tax credit provided for low income workers who have dependent children and who maintain a household. A low income taxpayer can get the credit, in the form of a check or automatic deposit into a bank account, even if the amount of the refund is larger than the amount of tax paid that year.

In Oregon we have an exemption specifically protecting the Earned Income Credit and keeping it entirely exempt from exectution by a debt collector with a judgment.  This exemption also applies to the trustee in a bankruptcy case. 

By |Nov 15, 2007|Categories: Bankruptcy, Tax Law|Tags: , |