Ullmann & Company CPAs Financial Update
Tax Tips for Recent College Graduates Recent graduates often lack the guidance and resources necessary to navigate through the many tax-related decisions they may face as they begin their careers. If you or someone you know is a recent graduate, the following tax tips may be helpful to consider: Be Read more…
Distributions from 529 Plans Now Allowed for Student Loan Repayments Effective January 1, 2020, qualified distributions can be paid out of 529 education savings accounts to cover costs associated with registered apprenticeship programs and to repay up to $10,000 of qualified student loan debt. Qualified student loan withdrawals have a Read more…
IRS Extends June 15th Estimated Tax Payment Due Date to July 15th Last month, the IRS extended the April 15th filing and payment deadlines to July 15th, which included an extension of the federal first quarter estimated tax due date as well. However, second quarter 2020 estimated tax payments were still due Read more…
Congress Enacts Mandatory Small Employer Paid Sick Time and Related Refundable Payroll Tax Credit The President signed into law yesterday the Families First Coronavirus Response Act to provide funding and other relief for those affected by COVID-19. The law includes new rules requiring employers of less than 500 employees to Read more…
A Message to Our Clients Our top priority at Ullmann & Company has always been to deliver superior service to our clients. To do that in the current environment, we’re taking necessary precautions to protect the health and safety of our clients, as well as our team and their families, Read more…
Tax Payment Relief on Account of Coronavirus The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020 until July 15, 2020. This relief includes tax due for 2019, and also includes estimated tax payments for tax year 2020 that are due on April 15, Read more…
Penalty Exception for IRA Distributions for Birth or Adoption Costs Starting in 2020, taxpayers who are having a baby or adopting can take a distribution from an IRA or 401(k) of up to $5,000 per individual ($10,000 for married couples), without having to pay the 10% early distribution penalty for Read more…
SECURE Act Increases Age for Minimum Distributions from Retirement Accounts In December of 2019, The Setting Every Community Up for Retirement Enhancement Act of 2019 (The SECURE Act) enacted many provisions that could impact retirement savings and planning for individuals. One of the most significant changes is the increase in Read more…
IRS Cryptocurrency Crackdown New on your 2019 filings, taxpayers will now be required to disclose on their income tax returns whether they received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency during the tax year. The IRS is aware that some taxpayers with virtual Read more…
2019 Individual Year End Income Tax Planning As year-end approaches, it is a good time to think of planning moves that may help lower your tax bill this year. Below we have compiled a list of items that may help to save or defer taxes if taken into account before Read more…