Tax & Financial News

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    UCM’s Recap of the Recently Passed Tax Cuts and Jobs Act for Individuals

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    In December 2017, President Trump signed into law the Tax Cuts and Jobs Act (“Tax Act” or “Act”), which introduces the most significant changes to the U.S. tax system since 1986. With a few exceptions, the provisions are generally effective starting in 2018. However, many …

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    UCM’s Recap of the Recently Passed Tax Cuts and Jobs Act for Business

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    In December 2017, President Trump signed into law the Tax Cuts and Jobs Act (“Tax Act” or “Act”), which introduces the most significant changes to the U.S. tax system since 1986. With a few exceptions, the provisions are generally effective starting in 2018. Although the …

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    Important Tax Deadlines

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    All engagement letters have been sent for the upcoming tax season (April 2018). Please be sure to return your signed engagement letters to our office to avoid delays in your tax preparation. 2017 Payroll Tax Returns (Forms 940, 941, 943, and 944) are due on …

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    How Will the New Tax Reform Bill Impact You

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    Well, the Tax Cuts and Jobs Act (H.R. 1) has passed, mainly starting in 2018, and if you are confused by how this new law will impact you, you’re not alone. As has become the norm for Congress, it played brinksmanship and waited to almost …

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    Charitable Giving Options

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    Some recent special tax deduction changes make 2017 a unique year for charitable giving. This article provides you a guide to these special provisions in addition to those that have historically provided tax benefits. Normally, deductible charitable contributions are limited by a percentage of your …

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    IRA Planning Mistakes

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    The following are potential planning mistakes regarding IRA’s.  These may or may not apply to your situation, so please consult your accountant or financial advisor to discuss these items in more detail. Not taking advantage of the Stretch distribution option or not establishing it properly  …

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    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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    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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    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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    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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