Ulrich And Associates

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New sales tax deduction/tuition credit

noreply@blogger.com (Ulrich and Associates) — Tue, 08 Dec 2009 22:35:00 +0000

Several new and exciting, yes I said exciting, tax provisions have been enacted by congress for the 2009 tax year. Two of the provisions that caught my attention this year are the deduction for qualified motor vehicle taxes and the American Opportunity Tax Credit (AOTC).

The deduction for qualified motor vehicle taxes allows taxpayers to deduct the sales/excise tax that was paid when the taxpayer purchased a qualified vehicle in 2009. This new deduction is different from the sales tax deduction that can be claimed by itemizing taxpayers. In the past itemizing taxpayers have had to choose to deduct either State income taxes paid or sales tax. Under this new provision the taxpayer will be allowed to claim State income taxes paid and the sales/excise tax paid on the purchase of a qualified vehicle. This deduction can also be taken by individuals who claim the standard deduction. In order to claim this deduction, taxpayers taking the standard deduction must now complete Schedule L (Form 1040A or 1040). As usual, income and other limitations apply.

The AOTC has implemented several changes to the long standing Hope credit. The AOTC allows for taxpayers to claim a credit of up to $2,500 - the previous credit was $1,800, called the Hope credit - for qualified higher education expenses. The AOTC is available for the first 4 years of the student’s postsecondary education; the Hope credit was limited to two years. The AOTC has also expanded the definition of qualified higher education expenses to include textbooks and other course material. Again, income and other limitations apply.

Year-end Tax Planning Letter

noreply@blogger.com (Ulrich and Associates) — Fri, 04 Dec 2009 19:39:00 +0000

Below is a link to our annual year-end tax planning letter. Please call if you have questions or comments regarding the tax situation for the remainder of 2009 or 2010.

2009 Year-End Tax Planning Letter

2009 Tax Law Updates

noreply@blogger.com (Ulrich and Associates) — Thu, 03 Dec 2009 21:30:00 +0000

Congress passed two important tax bills in 2009. Below are brief summaries of each bill. Please call or email Brandon - brandon@ulrichcpa.com or 801-627-2100 - if you have questions.

American Recovery and Reinvestment Act

Worker, Homeownership, and Business Assistance Act

First-Time Homebuyer Tax Credit

noreply@blogger.com (Ulrich and Associates) — Wed, 02 Dec 2009 21:44:00 +0000

The First-Time Homebuyer Tax Credit has been extended. On November 6, 2009, the Worker, Homeownership and Business Assistance Act of 2009 was signed into law. This act extends and expands the first-time homebuyer credit. An eligible taxpayer entering into a binding contract on or before April 30, 2010 and closing on his or her home by June 30, 2010, will have the opportunity to claim the $8,000 credit. Due to some abuses of the original credit, the IRS is requiring additional supporting documentation. Click on the link below to see the complete list of documentation that may be required when claiming the credit.

The Worker, Homeownership and Business Assistance Act also includes an opportunity for long-time residents to claim a credit up to $6,500. To qualify for this credit, a buyer must have owned and lived in the same home as primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as primary residence. For assistance in claiming the First-Time Homebuyer Tax Credit, or to get more information about the credits, contact Brandon – brandon@ulrichcpa.com or (801)627-2100.

IRSHomebuyerCreditDocumentation.pdf

Free review of prior tax returns

noreply@blogger.com (Ulrich and Associates) — Fri, 06 Nov 2009 17:56:00 +0000

We are now offering a new service! We are offering to review your prior three years of tax returns for free. Our review could help determine possible missed deductions, or simply give you some peace of mind. Contact Brandon - brandon@ulrichcpa.com or 801-627-2100 - for assistance.

Congrats to Bruce...

noreply@blogger.com (Ulrich and Associates) — Fri, 04 Sep 2009 17:12:00 +0000

...for passing his first section of the CPA exam. He scored an 82 on BEC. Way to go above and beyond!

USU Meet the Firms Night

noreply@blogger.com (Ulrich and Associates) — Fri, 04 Sep 2009 17:09:00 +0000

The firm attended Meet the Firms night at Utah State University on Sept. 3. We had a great time and met many potential candidates to hire. We were even able to stream the USU-Utah football game at our table so we wouldn't miss any action.

Summer party!

noreply@blogger.com (Ulrich and Associates) — Fri, 04 Sep 2009 17:04:00 +0000

We had the firm's annual summer party at Pineview Reservior in August. Everyone enjoyed the boating, playing in the sand, and eating. Bruce and Brandon even tried out the rope swing!

Extended tax deadlines

noreply@blogger.com (Ulrich and Associates) — Tue, 11 Aug 2009 20:37:00 +0000

The extended deadline for filing partnership/LLC, trust, S-corporation and C-corporation returns is September 15. The IRS recently changed the extended filing deadline for all partnership/LLC and trust tax returns from October 15. Please click on the link below to view our client letter.

Extended Deadline Letter

Life Insurance Reporting

noreply@blogger.com (Ulrich and Associates) — Tue, 11 Aug 2009 20:35:00 +0000

The IRS has instituted new life insurance reporting guidelines for company-owned policies. If your business has these policies, please contact Brandon for details regarding the reporting guidelines.

Suspension of RMDs in 2009

noreply@blogger.com (Ulrich and Associates) — Mon, 26 Jan 2009 19:22:00 +0000

Congress recently suspended required minimum distributions from retirement accounts for 2009. Individuals should consider their investments and retirement goals, their marginal tax rates and their age when contemplating what distributions, if any, to take in 2009. Please contact Clark Ulrich at 801-627-2100 with questions regarding RMDs in 2009.

We've Grown!

noreply@blogger.com (Ulrich and Associates) — Fri, 19 Dec 2008 18:35:00 +0000

A big welcome to our latest additions to the Ulrich Family! Kylee Wayment, Bruce Gulso and Clint Allen, have all accepted positions within our office. Each of them individually bringing a wealth of knowledge and skill that will continue to elevate our firm's efficiency in best serving our clients.

Christmas Party

noreply@blogger.com (Ulrich and Associates) — Fri, 19 Dec 2008 18:19:00 +0000

The office Christmas Party was held on December 5th this year. A lot of fun gifts were exchanged and a lot of memories made. Thanks to all the staff and spouses who brought their "Christmas cheer". Its nice to slow down, enjoy ourselves and reenergize as we gear up for the busy season ahead.

Congratulations Lisa!

noreply@blogger.com (Ulrich and Associates) — Fri, 19 Dec 2008 17:54:00 +0000

It's official! Lisa Hopkins has passed the exam and is now a licensed CPA. We are proud of her and the hard work she put in to achieve this. Again, Congratulations Lisa!

Welcome Jennifer!

noreply@blogger.com (Ulrich and Associates) — Tue, 11 Nov 2008 15:13:00 +0000

We would like to welcome Jennifer to the Ulrich & Associates team. She is our new receptionist. She was previously employed by the State of Utah.

Basement Progress

noreply@blogger.com (Ulrich and Associates) — Tue, 11 Nov 2008 15:06:00 +0000

Work on our basement is moving forward. Cabinets will be installed this week. Carpet and electrical will be completed soon. We are tentatively scheduled to move into our completed basement around December 1st. We will have an open house in December or January so everyone can view our new digs!