I heard that federal officials have declared a ban on all commercial and most recreational salmon fishing this year in ocean waters off Oregon. How does this affect my tax situation?
When the salmon fishery is closed or severely curtailed, current tax law provides for the following relief: • If you currently owe a debt that the Department of Revenue collects, you may qualify for relief, including: • penalty waivers, • payment plans, • settlement offers, • garnishment reductions, • extensions of time to file taxes. • If you are an individual business owner and your business has losses, you may be able to apply those losses to earlier, profitable years to receive refunds of federal and state income taxes you paid in the last three years. Corporations may carry those losses forward to future years. • If you want to start your business over in a distressed area, some tax-incentive programs, such as exempting certain income from taxation, are available. • If your income is lower than expected as a result of this emergency, you may be eligible for refundable credits, such as: • The federal Earned Income Credit (EIC) that helps offset payroll taxes withheld from lower-inc
When the salmon fishery is closed or severely curtailed, current tax law provides for the following relief: • If you currently owe a debt that the Department of Revenue collects, you may qualify for relief, including: • Penalty waivers, • Payment plans, • Settlement offers, • Garnishment reductions, or • Extensions of time to file taxes. • If you are an individual business owner and your business has losses, you may be able to apply those losses to earlier, profitable years to receive refunds of federal and state income taxes you paid in the last three years. Corporations may carry those losses forward to future years. • If you want to start your business over in a distressed area, some tax-incentive programs, such as exempting certain income from taxation, are available. • If your income is lower than expected as a result of this emergency, you may be eligible for refundable credits, such as: • The federal Earned Income Credit (EIC) that helps offset payroll taxes withheld from lower-
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