Ullmann & Company CPAs Financial Update
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…
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…