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 subscribe to our newsletter for periodic email updates.
Harris’ economic policies expected to largely mirror Biden’s, analysts say
From USA Today – By Paul Davidson – Vice President Kamala Harris would largely adopt President Biden’s economic blueprint on major issues such as taxes, trade and immigration if she becomes the Democratic presidential nominee, despite her previous views that leaned...
Roth conversion ladder can save on taxes, unlock retirement funds early
From CNBC – By Kate Dore – A Roth conversion ladder is a multiyear strategy to transfer pretax funds to a Roth IRA to kickstart future tax-free growth. You'll owe upfront levies on the converted balance, but there is no 10% early withdrawal penalty after five years....
FinCEN warns of fraudsters using BOI Reports in scam attempts
The Financial Crimes Enforcement Network, the division of the US Treasury Department responsible for collecting new Beneficial Ownership Information reports from many companies in the United States, has issued an alert about potential scams involving the new...
Taxpayers who would be affected by the IRS loophole-closing plan
From the AS USA/MSN — By Oliver Povey — The US Department of the Treasury and the Internal Revenue Service (IRS) have announced a new regulatory initiative to close a major tax loophole exploited by large, complex partnerships. This initiative is part of ongoing...
Plan for new accounting rules on software costs moves forward
From the Wall Street Journal — By Mark Maurer — U.S. companies may need to report cash amounts tied to their software expenditures, more of which would be moved off corporate balance sheets under a forthcoming proposal to update decades-old accounting rules. The...
Tax scam and consumer alerts from the IRS
From the Internal Revenue Service (IRS) — Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone and email to set up individuals, businesses, payroll and tax professionals. The...
Republicans’ $4 trillion question: Should they pay for extending Trump tax cuts?
Lawmakers begin weighing fiscal impact of extending tax reductions that expire after 2025 From the Wall Street Journal — By Richard Rubin — WASHINGTON — Republicans want to extend the Trump-era tax cuts that lapse after 2025. A big point of debate now: Should they...
Amended tax return: How and when to file IRS Form 1040-X
From Forbes— By Janet Berry-Johnson— Realizing you made a mistake on your tax return? Don't panic. If you overlooked a valuable deduction, say, or forgot to report some of your income, you can simply file an amended return. Amending your return to correct a mistake...
To extend middle-class tax breaks, Biden wants higher taxes on wealthy, corporations
From CNBC — By Kate Dore — President Joe Biden’s top economic advisor on Friday, May 10, laid out plans for the country’s looming debate over trillions in expiring tax breaks enacted by former President Donald Trump. Several provisions from the Tax Cuts and Jobs Act,...