Monthly Bulletin
Date April 2022 | Issue 2022.4
Kim Ritchhart
Kim Ritchhart will officially be retiring next month. When Kim decided to join forces with Westbrook & Company several years ago we are sure she had no idea what she was getting herself in to. However, we are so glad she made that decision. Kim made valuable contributions during her tenure, she provided guidance and knowledge that has helped, and will help, other staff members for many years. Her hard work and diligence have benefited those around her, including staff, clients, and the community. Kim's contributions to the firm will provided benefit to those she trained and affected for years to come.
 
We are sorry to say goodbye to Kim but every ending has a bright side when it also marks a new beginning. Kim will be getting to enjoy much earned family time.
 
We wish Kim the best and hope she enjoys driving tractors in retirement!
Upcoming Due Dates

April 30
  • End of Quarter 1

May 2   
  • Employers – Federal unemployment tax. Deposit the tax owed through March if more than $500.
  • Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2022. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.

May 10
  • Employees – who work for tips. If you received $20 or more in tips during April, report them to your employer. You can use Form 4070.
  • Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2022. This due date applies only if you deposited the tax for the quarter in full and on time.

May 16
  • Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April.
  • Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April.
  • Nonprofit Form 990 due date for December Year End.



How Does the IRS Contact You
When the IRS needs to contact a taxpayer, usually it first delivers a letter through the U.S. Postal Service. Depending on the situation, IRS employees may first call or visit with a taxpayer. Private debt collectors can call taxpayers on behalf of the IRS for the collection of certain outstanding inactive tax liabilities, but only after mailing the taxpayer and their representative written notice.

The IRS will never:
•        Send text messages or contact people through social media to get personal information or collect a tax debt.
•        Demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer.
•        Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.
•        Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.
•        Call unexpectedly about a tax refund.
If in doubt, give us a call and we’ll determine if the notice or call is a real IRS communication or fraudulent communication.
Missouri Long-term Dignity Savings
This program allows individual taxpayers to establish and contribute to a long-term dignity savings account to help fund expenses they may incur in the future as a result of being in a long-term care facility. The contributions to the savings account may be deducted on the Missouri individual income tax return in the year of the contribution. The deduction may not exceed the Missouri adjusted gross income and is limited to $4,000 per taxpayer ($8,000, if married filing combined). The account may be opened with a financial institution and must be designated, in its entirety, as a long-term dignity savings account. The account should be titled in the name of the owner, along with a designation that it is a long-term dignity savings account.
 
Each year you must file an affidavit with the income tax return to verify the amount of the contributions as well as attach a copy of the Form 1099 issued by the financial institution.

Unqualified withdrawals are also subject to a penalty equal to five or ten percent of the amount of the withdrawal.