Tax & Financial News

  • Tax Form 2

    IRS Tax Filing and Payment Deadlines

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    UMMC is making every effort to keep you informed and help you stay current with IRS tax deadline changes and new information as it is available. Below is a link to the IRS website that provides FAQ’s about due dates. https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers Please feel free to …

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    VA Filing and Payment Deadlines

    Virginia’s filing deadline remains May 1, 2020, but the payment deadline has been extended to June 1, 2020. Late payment penalties will not be charged if payment is made by June 1, 2020. However, interest will still accrue starting May 1, so if you can …

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    SBA Loans Available for Disaster Assistance

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    For small business owners, this post has important information for these challenging times. This information may also be valuable to a family member or friend. The U.S. Small Business Administration (SBA) is offering designated states and territories (which include Virginia) low-interest federal disaster loans for …

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    Information on the SECURE Act

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    As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The …

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    2019 Tax Changes

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    As the end of the year approaches, now is a good time to review the various changes that impact 2019 tax returns. Some of the changes are likely to apply to your tax situation. In addition, be aware that various tax-related bills currently in Congress …

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    Tax Benefits to Holiday Gift Giving

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    Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples: Employee Gifts – It is common practice this time of year for employers to give employees gifts. Although gifts are generally excluded from …

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    Cleaning up QuickBooks for 2020

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    We know December is a busy month. However, take some time now to make sure QuickBooks is ready for 2020. Yes, it’s here again: the end of the year. You probably have a lengthy to-do list full of tasks that must be done before December …

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  • Tax Form 2

    Charitable Contributions – Maximizing the Tax Benefits

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    Donations to charities can be deducted as an itemized deduction on your tax return. This means that to achieve any tax benefit from your charitable donations, you cannot use the standard deduction and instead must itemize your deductions. However, if the total of all your …

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