Tax & Financial News

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    Important Tax Deadlines

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    2019 individual quarterly estimated Federal tax payments are due June 17, 2019, September 16, 2019 and January 15, 2020 for the remainder of the year. The extended business tax deadline is September 16, 2019 and the extended individual tax deadline is October 15, 2019. In …

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    Tackling Retirement Anxiety

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    Tackling Retirement Anxiety Retirement is the endgame for most people — it’s literally why we work so hard our entire lives. But it’s also no longer a situation that is as straightforward as it once was, particularly as far as financial planning is concerned. According …

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    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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    Received an IRS Notice? – How to Respond

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    Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund is all but gone. However, the IRS still sends letters that can increase taxpayers’ heart rates; because of extensive computer matching, the …

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    New Partnership Audit Rules

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    UMMC would like to inform you of a new rule that will affect your partnership tax returns beginning with the 2019 filing season. The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules effective for partnership …

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    UMMC’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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    UMMC’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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