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 susbcribe to our newsletter for more updates.
There’s Still Time to Contribute to an IRA for 2020
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 2020. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2020...
Credit from Pandemic Bills and Your Tax Return
From Pinnacle Wealth Planning Services, Inc. — Dear Clients and Friends, Two emergency relief bills passed in 2020 in response to the COVID-19 pandemic will make this an unusual tax season for many taxpayers. The Coronavirus Aid, Relief, and Economic Security (CARES)...
A Review of ‘Tax Extenders’ in New Law
From KM&M CPAs/Thomson-Reuters — Dear Clients and Friends, On Dec. 27, 2020, the massive Consolidated Appropriations Act, 2021 (CAA, 2021) was signed to become new law. Before the CAA, 2021 hit the books, a bevy of federal income tax breaks were set to expire on...
Federal Tax Filing Season Starts Soon
From KM&M CPAs — The IRS has announced that the federal income tax filing season for tax year 2020 returns begins on Friday, Feb. 12, 2021. Although tax seasons frequently begin in late January, the additional time will allow the IRS to update its programming and...
PPP loan forgiveness for small businesses: What’s eligible, how to apply
From MarketWatch.com — The Paycheck Protection Program provides fully forgivable loans to small businesses struggling through the coronavirus pandemic. But applying for that forgiveness can be daunting, especially for business owners who have limited resources at...
Deductibility of business meals from restaurants in 2021, 2022
From KM&M CPAs/Thomson-Reuters — Dear Clients and Friends, You've probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully...
Relief: A look at the latest COVID assistance for businesses
From KM&M CPAs/Thomson-Reuters — Dear Clients and Friends, The Consolidated Appropriations Act, 2021 (the CCA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CCA, 2021 include--along with...
SBA and Treasury Announce PPP Round 2, New Guidance
From KM&M CPAs/National Society of Accountants — WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced PPP Round 2 on Friday, Jan. 8. The Paycheck Protection Program (PPP) re-opened this week for new...
Focus: Extended COVID relief affecting individuals
From KM&M CPAs/Thomson-Reuters — Dear Clients and Friends, Here is an overview of key provisions in the extended COVID relief legislation enacted in late December that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or...