FEATURED ARTICLES & TAX TIP BLOG

Welcome to the KM&M CPAs Featured Articles & Tips Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to kmm@kmmcpas.com. Enjoy the articles and susbcribe to our newsletter for more updates.

IRS suspends requirement to repay excess APTC

IRS suspends requirement to repay excess APTC

Change for 2020 tax year only; those claiming net Premium Tax Credit must file Form 8962 From the National Society of Accountants (NSA) — WASHINGTON — The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a...

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IRS to recalculate taxes on unemployment benefits

IRS to recalculate taxes on unemployment benefits

From the National Society of Accountants (NSA) — The IRS has announced that it will automatically refund money to taxpayers who reported unemployment compensation in their tax return before the recent changes made by the American Rescue Plan Act signed on March 11,...

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IRS warns of phishing scam targeting dot-edu email users

IRS warns of phishing scam targeting dot-edu email users

From KnowB4.com —  The Internal Revenue Service (IRS) has issued an alert warning about a phishing scam targeting university students. A link in the emails leads to a phishing site that asks users to enter their Social Security number, name, date of birth, prior year...

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Biden signs PPP extension into law, extends deadline to May 31

Biden signs PPP extension into law, extends deadline to May 31

National Society of Accountants and IRS.gov — President Biden on Tuesday, March 30 signed into the law the bipartisan Paycheck Protection Program (PPP) Extension Act of 2021 (HR 1799), which moves the application deadline to May 31, 2021. The PPP application window...

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Tax deadline for individuals extended to May 17

Tax deadline for individuals extended to May 17

From IRS.gov —  Treasury, IRS push federal Tax Day WASHINGTON — The Treasury Department and Internal Revenue Service announced Wednesday, March 17 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from...

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Pandemic Assistance Checklist update, March 17, 2021

Pandemic Assistance Checklist update, March 17, 2021

From the Pinnacle CPA Advisory Group's Dave Krebs, CPA —   PANDEMIC ASSISTANCE CHECKLIST by Dave Krebs, CPA (March 17, 2021) We've updated our checklist to include the multiple tax provisions included in the $1.9 trillion American Rescue Plan Act (ARPA), signed into...

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ARPA: Biden signs massive COVID-relief bill into law

ARPA: Biden signs massive COVID-relief bill into law

NSA outlines tax provisions of latest pandemic-relief billFrom the National Society of Accountants (NSA) — By JESSICA L. JEANE Director of Public Policy, NSAPresident Biden on March 11 signed into law the American Rescue Plan Act (ARPA), a nearly $1.9 trillion...

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Guide to Obtaining an Identity Protection PIN from the IRS

Guide to Obtaining an Identity Protection PIN from the IRS

From the Pinnacle CPA Advisory Group, IRS.gov and Thomson Reuters — An Identity Protection PIN (IP PIN) is a six-digit number that prevents someone else from filing a tax return using your Social Security number. The IP PIN is known only to you and the Internal...

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