Ullmann & Company CPAs Financial Update
Prior Kiddie Tax Rule Restored The tax code generally attempts to prevent high-income taxpayers from shifting taxable income to their children who may be subject to lower tax rates. These rules are complicated and have recently changed again. Under the Tax Cuts and Jobs Act of 2017 (TCJA), effective in Read more…
August 31st is the Deadline to “Undo” Required Minimum Distributions Taken in 2020 In March 2020, the CARES Act waived the minimum distribution (RMD) requirement for certain defined contribution plans, 401(k) plans, and IRAs for the 2020 tax year. On June 23, the IRS provided guidance for taxpayers that have Read more…
IRS Announces Expansion of Voluntary IP PIN Program An IP PIN (Identity Protection Personal Identification Number) is a six-digit number assigned by the IRS to taxpayers to help prevent the fraudulent use of their Social Security number on falsified federal income tax returns. Originally, the IRS only issued IP PINs Read more…
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…