For a period of time, IRS activity felt quieter. Response times were longer. Enforcement felt less visible. Fewer taxpayers were hearing from the IRS directly. Many people got used to that environment. Now things are shifting. Not all at once, but steadily. More notices are being issued. More requests for clarification are being sent. More […]
As the IRS Updates Their Technology and Procedures, Taxpayers May See an Increase in Notices Issued
Important Tax Information And Strategies To Help Understand The Kiddie Tax Code
“Kiddie Tax” is a term that refers to the tax imposed on the unearned income of children. It was Introduced as part of the Tax Reform Act of 1986. The Reason Behind Kiddie Tax – Its primary purpose is to prevent families from exploiting a lower tax rate by shifting income to their children to […]
If You Are Thinking About Selling Your Life Insurance Policy, Consider These Potential Tax Issues Before You Do
When watching television, you’ve probably seen those advertisements promising quick cash for unneeded life insurance policies. These commercials often target those who might not see the need for policies anymore, offering substantial financial returns. While these transactions can indeed serve as a financial option, especially for those in need of immediate liquidity, the process of […]
Potential Tax Benefits From Medically Related Home Improvements
The year 2025 marked a significant milestone in the United States. Why? Because a record number of people reached the age of 65. On average about 11,400 Americans turned 65 every day of the year 2025. This demographic shift, largely driven by the baby boomer generation, has implications for retirement planning, healthcare, and the economy […]
Sarah K. Godfrey and Mark S. Burgess Named Partners of UMMC
The Partners of Updegrove, McDaniel, McMullen and Chiccehitto, PLC, are pleased to announce that Sarah K. Godfrey, CPA, and Mark S. Burgess, CPA, have become Partners with the Firm, effective January 1, 2025. Sarah, a dedicated member of our Warrenton office since 2012, graduated George Mason University with a Bachelor of Science in Accounting. She […]
UMMC Participates Annually to Benefit Many Organizations
UMMC partners and staff are very active in both their work and home communities throughout the year in a variety of service projects. Their contributions make a tangible, lasting impact on these communities and benefit many worthy organizations. Service plays a significant role in UMMC’s firm culture and these efforts are celebrated. Over the years, […]