Ullmann & Company CPAs Financial Update
“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…
2020 Individual Year-End Income Tax Planning As we approach the end of an eventful year, it is important to take some time to think of planning moves that may help lower your 2020 income tax bill. Below we have compiled a list of items that may help to save or Read more…
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…