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.
Tax impact of capital gains and losses in a gyrating stock market
From Thomson-Reuters and the Pinnacle CPA Advisory Group — If you invest in stocks, stock mutual funds, or stock ETFs, you've probably had a wild ride this year. You may have already realized some significant capital gains and some significant capital losses —...
Inflation Reduction Act changes tax credit for electric vehicles
From Thomson-Reuters and the Pinnacle CPA Advisory Group — The IRS currently provides a tax credit of up to $7,500 for purchasing certain new electric vehicles. The Inflation Reduction Act of 2022 makes several changes to the credit, which has been renamed the Clean...
Hear the student loan announcements? Scammers did, too
From the Federal Trade Commission — You’ve probably already heard about the new government plan that will forgive some federal student loans, once it’s up and running. Also in the news: the federal student loan payment pause has been extended to December 31, 2022. But...
How to avoid taxes when you come into a large sum of money
From SmartAsset.com — By Sarah Sharkey — A windfall of a large sum of cash is something to celebrate. But if you don’t play your cards right, the government will expect a major part in taxes. The good news is that smart tax planning strategies can help you minimize...
Don’t click on that random text. It’s a scam
From the Federal Trade Commission — Sorry to burst your bubble. That unexpected text from the Postal Service (USPS), Costco, or The Home Depot telling you about an unclaimed package or a survey you can complete to claim a freebie is NOT from them. It’s a scam. The FTC...
Should you suffer a disaster, some tax relief is available
From Thomson-Reuters — If you are unlucky enough to suffer a disaster-related casualty loss, some of the costs can be mitigated through tax relief. This article explains the federal income tax implications. Limited deductions for personal casualty losses In theory,...
Understanding how the IRS contacts taxpayers and avoiding scams
From the IRS Newswire — With continuing phone and in-person scams taking place across the country, the IRS wants to help taxpayers understand how and why agency representatives may contact taxpayers. In most instances, the IRS sends a letter or written notice to a...
Here’s three ways you can transfer a home to an adult child
From Thomson-Reuters — If you have an adult child who wants to buy a home in today's overheated market, it's financial combat out there and maybe a fight that cannot be won. If you are ready to move out of your current home (perhaps to downsize or to move to a...
FBI warns of phony cryptocurrency investment apps
From knowbe4.com — Cryptocurrency investors have lost nearly $43 million to fraudulent cryptocurrency investment apps, according to the US Federal Bureau of Investigation (FBI). “The FBI has observed cyber criminals contacting US investors, fraudulently claiming to...