Ullmann & Company CPAs Financial Update
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…
What Will Happen to Your Digital Assets After Death? Digital records are valuable assets to many individuals; however, most do not realize that they are at high risk to be lost or inaccessible after death. Your “digital assets” include the following: Electronic communications, such as emails, social networking sites, and Read more…
Taxpayers Should be Aware of New Property Lien Scams Taxpayers are at risk to an increasing number of tax-related scams; fake property lien scams threatening taxpayers with a tax bill from a fictional government agency is just one of them. Here are some tips on how to recognize the more Read more…
Mastering Money in Retirement 30% – Portion of financial planners who said their clients’ top retirement fear was running out of money. 28% – Portion who said their clients most feared not being able to maintain their current lifestyle. 18% – Portion who said health care cost was their clients’ Read more…
Willfully Failing to Report Foreign Accounts Can Lead to a Stiff Penalty But courts are split on whether the fine is capped. Under the statute, the fine is the greater of $100,000 or 50% of the highest balance in the accounts. Meanwhile, regulations state that the penalty shall be no Read more…
Common Red Flags for IRS Audits Last year’s individual audit rate was 0.59%… one in every 170 returns filed on the 1040 and such. But this figure doesn’t tell the full story. Lots of red flags can increase your audit risk. Some are identified by the agency’s computer formulas for Read more…
IRS Targets Virtual Currency Revenue agents are on the hunt for those who deal in virtual currency. They’re mailing letters to people they believe have virtual currency accounts. It’s part of IRS’s efforts to clamp down on unreported income from these transactions. Two of the letters aren’t threatening, asking taxpayers Read more…
The United States Relies More on Individual Income Taxes and Property Taxes than Other Developed Countries Developed countries raise tax revenue through a mix of individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes. However, the extent to which an individual Read more…
Hackers Steal Nearly Every Bulgarian Adult’s Personal Records The breach of servers at the Bulgarian tax agency happened at the end of June and an official there said it was probably carried out from abroad. A person claiming to be a Russian hacker emailed local media this month offering access Read more…