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.
Millennial Money: 4 expenses for parents to rethink in 2023
From the Associated Press/NerdWallet — By Elizabeth Ayoola — When inflation rises, child care expenses do, too. If you’re a parent, you may be hoping to get a little financial relief during the upcoming tax season through deductions or credits. But since there...
IRS service issues are improving, says new watchdog report
From the Associated Press — By Fatima Hussein — The IRS is beginning to see “a light at the end of the tunnel” of its customer service struggles, thanks to tens of billions of new money from the Democrats’ climate and health law and the authority to hire more...
IRS audit rates declined further in 2022
From AccountingToday.com — By Michael Cohn — The Internal Revenue Service audited fewer taxpayers last year, according to a new report, although audits of millionaires ticked up slightly. The report, released Wednesday by Syracuse University's Transactional...
IRS gives gig workers extra year to prep for major tax change
From Yahoo Money — By Martha C. White — As inflation continues to pinch Americans’ budgets and labor demand remains high, it’s likely more people will look to supplement their income — and the tax man is starting to take a much closer look. For now, things remain...
3 things money experts are doing now, before tax season
From NextAdvisor in Partnership with TIME — BY ALEX GAILEY, FEATURED CONTRIBUTOR — That time of year is right around the corner. I’m not talking about the holidays. I’m talking about tax season. While taxes might be the furthest thing from your mind right now, there...
So, you want to get away? Start with avoiding travel scams
From the Federal Trade Commission (FTC) — You may get a call, a text message, or a flyer in the mail. Or maybe you'll see an online ad promising free or low-cost vacations. Scammers and dishonest companies are often behind these offers. You may end up paying...
Millions of Americans set to get surprise 1099-K forms in ’23
From Axios — BY EMILY PECK — There's a tax headache ahead next year for millions of Americans who use apps like Venmo or Paypal regularly, part of a little-noticed change passed in March as part of the American Rescue Plan. Why it matters: Anyone who was paid more...
8 tips for managing a financial windfall
From Forbes — By E. Napoletano, Contributor — According to a recent study by Cerulli Associates, there’s a massive transfer of wealth poised to happen in the U.S. over the next 25 years. An estimated $68 trillion will change hands, with the country’s aging population...
IRS prodded to spend more, to target the tax gap
From Accounting Today — By Michael Cohn — The Internal Revenue Service is being pushed by the Government Accountability Office to do more to close the $428 billion annual tax gap by using the extra $80 billion it's getting over 10 years from Congress to improve...