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  • Tax Form Pic

    Important Tax Deadlines

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    The 2016 individual 4th quarter estimated Federal tax payment is due January 15, 2018, for the remainder of the year. For the upcoming tax season (April 17, 2018) we will be sending out our engagement letters in December via email. Please be sure to return …

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  • Tax Form 2

    Differences Between Hobby or Business

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    Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. The differences are: Businesses Entered Into for Profit – For businesses entered into for profit, the profits …

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  • Tax Form 2

    How to Take Advantage of Tax Free Gifting

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    If you are fortunate enough to have a large estate – one large enough to be subject to the estate tax upon your death – you might be considering ways to give away some of your wealth to your family and loved ones now, thereby …

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    Military Personnel Tax Breaks

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    Military service members have special obligations and take risks while performing their service to our country, which impact their tax situation. As a result, they are entitled to a number of special tax breaks. The following are the predominant tax breaks available to military personnel: …

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  • UCM Billing and Collection Policy

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    Updegrove, Combs & McDaniel, PLC Billing and Collection Policy Updegrove, Combs & McDaniel, PLC (UCM) recognizes the value and importance of communicating its policies to our clients. We are committed to building relationships with our clients where we can each communicate expectations and have open …

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  • 40 Years Badge

    Non-Profit News

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    We would like to inform you of some important topics applicable to not-for-profit organizations. First, we remind you of state registration requirements if your organization solicits donations: Charitable Solicitation Registration and Compliance – Charitable solicitation is regulated at the state-level. Virginia requires charitable solicitation registration …

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  • Lockphoto1

    IMPORTANT! Mail Scam Targets Taxpayers

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    Crooks have tried all sorts of e-mails scams, but almost everyone has figured out that the IRS does not send out notices by e-mail or email attachments. So crooks have changed their tactics. Now, there are reports of taxpayers receiving by mail and email fake …

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  • Tax Form Pic

    Roth IRAs for High Income Taxpayers

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    If you are a high-income taxpayer and would like to contribute to a Roth IRA but cannot because of income limitations, there is a work-around that will allow you to fund a Roth IRA. The income limitations can be circumvented by what is frequently referred …

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    Are you required to file 1099’s?

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    If you use independent contractors in your business and pay them $600 or more during the calendar year, you are required to issue them a 1099-MISC by January 31 of the following year. If you fail to do so and your income tax return is …

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  • Tax Form Pic

    What If I can’t make a payroll tax deposit?

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    When you as an employer withhold Social Security and income taxes from an employee, those funds are the property of the government, and you as the employer must hold those funds in “trust” until the funds are turned over to the government. Failure to do …

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