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.
Retirement: 15 changes to 401(k)s and other accounts for 2024
From FinanceBuzz.com— By Adam Palasciano — With 2024 already underway, some substantial changes to retirement plans are in effect. These modifications could significantly impact your financial strategies. Maybe you were considering retiring early, but the new options...
IRS waives mandatory withdrawals from certain inherited IRAs — again
From CNBC — By Kate Dore — Certain heirs have to deplete inherited retirement accounts within 10 years due to a provision in the Secure Act. However, the rules have confused taxpayers and the IRS has again delayed penalties for missed required minimum distributions....
Five tax myths you need to stop believing
From GOBankingRates — By Dave Ramsey — There are a lot of tax myths floating around because many people do not understand how their taxes work. Some you may have heard from family, friends or even a social media influencer. In this article, GOBankingRates examines...
Stressed about taxes? Blame the ancient Egyptians
From Smithonian Magazine – By Kate McMahon — From mummified pharaohs to the Great Pyramid of Giza, ancient Egyptian iconography dominates the modern world. But few realize that the Egyptians also left behind a more practical legacy: taxes and the principles...
New tech support imposters want your life savings
From the Federal Trade Commission — By Amy Hebert — As we continue our deep dive into scams by imposters, we’re taking a look at a new twist on tech support scams. Ever deal with a tech support scam? A warning pops up on your computer. It says your computer has a...
IRS target: High-income earners who didn’t file in 2017-2021
From CBS News – By Aliza Chasan — The IRS will target high-income earners who skipped out on filing federal income tax returns in more than 125,000 instances since 2017, the agency recently announced. They're believed to owe, based on a conservative estimate,...
Don’t skip the IRS ‘Yes or No’ crypto tax question on 2023 tax returns
From Forbes – By Robert W. Wood — There is a lot of talk about crypto investors and tax compliance, but a yes or no question can be surprisingly important. The IRS is asking everyone about crypto transactions. A variation of this seemingly innocuous question appears...
Tax refunds are higher so far this year. Here’s the average amount.
From CBS News – By Aimee Picchi — The IRS said it's issuing bigger tax refunds compared with a year earlier, signalling a potential boon for Americans who rely on their annual refund to help pay down debt, start an emergency fund or deal with rising costs. As of...
When does tax season end in 2024? When to have your taxes filed.
From USA Today – By Emily DeLetter — Tax season is officially underway, and with the deadline to file still a few months away, now is the time to work ahead. The deadline for companies to submit W-2 forms to employees was Jan. 31, and for the non-procrastinators, the...