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 [email protected]. Enjoy the articles and subscribe to our newsletter for periodic email updates.
There’s Still Time for an IRA Contribution for 2021
— From Pinnacle Wealth Planning Services, Inc. — Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2021. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2021...
IRS adds verify options to online account registration
Process strengthened to ensure privacy and security — From IRS.gov — The IRS announced Feb. 21 that a new option in the agency’s authentication system is now available for taxpayers to sign up for IRS online accounts without the use of any biometric data, including...
Help Wanted: Why Can’t Businesses Find Enough Workers?
From Pinnacle Wealth Planning Services — The headline U.S. unemployment rate fell from 6.7% at the end of December 2020 to 3.9% in December 2021, marking the biggest one-year improvement in history. (1) While many workers took advantage of this strong rebound in the...
Identity theft can happen to anyone: Take steps to reduce your risk
From the Federal Trade Commission — By Jim Kreidler, Consumer Education Specialist — As part of Identity Theft Awareness Week, below we will talk about steps that can help reduce your risk of falling victim to this crime. Many of us access our online accounts —...
Beware of QuickBooks Payment Scams
From KnowB4.com — By ROGER GRIMES Many small and mid-sized companies use Intuit’s very popular QuickBooks program. They usually start out using its easy-to-use base accounting program and then the QuickBooks program aggressively pushes other complimentary features,...
IRS still faces 2021 backlog as new tax season begins
From NPR.org — By BRIAN NAYLOR Monday, Jan. 24 marked the beginning of the 2022 tax filing season, when the IRS began accepting accept 2021 income tax returns from individuals and businesses. Most people have until April 18 to submit them this year. But as it starts...
Get ready for taxes: Bookmark IRS.gov resources, online tools
From IRS.gov — WASHINGTON — The Internal Revenue Service is encouraging taxpayers to use IRS online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic...
Tax refunds could be delayed in 2022. Here’s why
From Nexstar Media Wire — NBC4i.com — Tax season is almost here, but issues related to the pandemic could delay your refund. The IRS announced Monday that it will begin accepting and processing 2021 tax year returns on Jan. 24, 17 days earlier than last year. “The...
IRS reminder: Deferred Social Security tax payments came due Jan. 3
From IRS.gov — The Internal Revenue Service on Monday reminded employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment became of the deferred taxes came due on January 3, 2022. Most affected...