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.
Welcome to Identity Theft Awareness Week 2024
From the Federal Trade Commission — By Colleen Tressler — You’ve probably heard about identity theft, but have you heard about Identity Theft Awareness week? That’s when the FTC and its partners host free podcasts, webinars, Facebook Live interviews, and other...
Child Tax Credits Could Be Expanded Under Bipartisan Deal. Who It Helps the Most.
From Barron's — By Elizabeth O’Brien — Lawmakers are aiming to significantly reduce child poverty with a new bipartisan proposal that would expand child tax credits. The Tax Relief for American Families and Workers Act of 2024, unveiled Jan. 16, pairs relief for...
The hidden consequences of not filing your taxes
From Forbes — By Jessica Ledingham, J.D., LL.M. — As tax season opens, millions of Americans are experiencing anxiety. The dreaded fear of owing money to Uncle Sam can be overwhelming, leading some to delay or completely disregard filing their taxes. You might...
Watch out for this rude surprise from Medicare
From Barron’s — By Elizabeth O’Brien — Planning for your Medicare premiums isn’t on most preretirement checklists, but it’s an important consideration for those with higher incomes. Your Medicare premium for a given year is based on your income from two years...
‘BOI’ reporting requirement for businesses has arrived
Dear Clients, Starting Jan. 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act ("CTA”). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of...
Seven ways retirement will be different in 2024
From AARP — By Andy Markowitz — How changes in Social Security, Medicare, taxes and more will affect your finances For most people, retirement finance is a delicate balance between income that’s likely less than what you made while working and expenses that may be...
Tax season ahead: IRS warns of scams by email, text, phone
From the IRS — To wrap up National Tax Security Awareness Week, the Internal Revenue Service and the Security Summit partners earlier this month reminded taxpayers and tax professionals to stay alert against emerging scams during the upcoming filing season and...
Why Biden’s EV tax credit could become hard to claim
China-related restrictions on the subsidy are likely to kick in before automakers figure out how to replace China-produced graphite From the Wall Street Journal — By Scott Patterson and Andrew Duehren — The Biden administration hopes to use generous tax...
Retirees have to pay taxes, too. 6 smart ways to reduce them
From Barron's — By Jonathan I. Shenkman — The core focus of retirement planning is on the accumulation of assets to live out one’s golden years. This includes regularly contributing to retirement accounts and investing those funds appropriately. Although this is...