Ullmann & Company CPAs Financial Update
IRS Urges Taxpayers to Watch Out for Tax Avoidance Strategies In its annual Dirty Dozen list of tax scams, the IRS warns against four schemes targeting individuals and businesses seeking to avoid paying taxes by hiding assets or not filing returns. These schemes can result in theft of sensitive financial Read more…
IRS Boosts Standard Mileage Rates for the Rest of 2022 If you use the standard mileage rate for business use of your vehicle or reimburse based on business mileage driven, take note that effective July 1st, the federal standard reimbursement rate has increased by four cents to $0.625 per mile. The Read more…
More Payments Received Through Common Payment Platforms Will be Reported to the IRS Do you receive reimbursements or gifts from friends or family members or conduct business through payment platforms like Venmo or PayPal? You may receive a new form during next year’s tax filing season. In the past, credit Read more…
2021 Arizona Individual Income Tax Rates for High Income Earners are Uncertain While the 2021 Arizona individual income tax brackets look similar to prior years (with a maximum 4.5% rate), potential adjustments, options and variations may pile on as an Arizona taxpayer’s income increases. Following is a summary of the potential Read more…
IRS Processing Delays Continue Tips to Avoid a Hold Up This month the National Taxpayer Advocate provided an annual report to Congress stating that 2021 was “the most challenging year taxpayers and tax professionals have ever experienced” and set the tone that 2022 will continue to be chaotic. As of December Read more…
2021 Individual Year-End Income Tax Planning As we approach the end of another year, it is important to take some time to think of planning moves that may help lower your income tax costs this year. Below we have compiled a list of items that may be helpful if taken Read more…
“Dirty Dozen” Tax Scams Every year, the IRS releases a list of what it calls “the worst of the worst tax scams” of the year. Due to the unprecedented COVID-19 global pandemic, this year’s Dirty Dozen pose additional unique threats of which taxpayers should be mindful. With the implementation of Read more…
Advance Child Tax Credit Payments to Begin July 15th The IRS recently announced that 2021 Advance Child Tax Credit (CTC) Payments will begin disbursements on July 15, 2021 for the period between July 1, 2021 and December 31, 2021. Recent legislation expanded the existing child tax credit and made the Read more…
IRS Announces Nationwide Availability 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 Read more…
Second Economic Impact (Stimulus) Payments May Come Via Debit Card The IRS is currently disbursing the second round of Economic Impact (Stimulus) Payments to qualifying taxpayers. If you qualify for a payment but haven’t received yours yet, keep an eye on your mail. The IRS has sent approximately 8 million of these Read more…