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.
Let’s look at details of the ‘CARES Act’
From our friend Tim Sundstrom, CPA — The Coronavirus, Aid, Relief and Economic Security Act (CARES) “economic impact payment” is now law and we have real facts on how the program will be administered. The law provides for a 2020 income tax credit of up to $1,200 for...
Coronavirus Assistance Checklist, March 31, 2020
Special Notice to Clients — CORONAVIRUS ASSISTANCE CHECKLIST (March 31, 2020) This checklist was prepared for our clients and friends as a quick way to identify eligible programs. Please contact us for the details. Many of the details are not available yet from the...
Business and Individual Tax Update
Special Notice to Clients — Hello All, We wanted to update you some important financial considerations in light of the Coronavirus. INDIVIDUALS: The due date for filing and paying taxes for 2019 has been extended from April 15 to July 15. No extension form need be...
New tax deadline: IRS adds 90 days
Special Notice to Clients — Taxpayers can delay paying 2019 income taxes for up to 90 days to July 15, 2020 (up to $1 million on individuals and most pass-through entities and $10 million on corporate filers). There will be no interest or penalties. The IRS will try...
Special Notice to Our Clients: Tax Season and Coronavirus
Special Notice to Clients — Dear Clients, First and foremost, we pray that you and your family are safe as the US hunkers down to ride out the pandemic sweeping the country. At this point, tax season has not been cancelled or delayed. We will let you know if the...
IRS urges ‘Paycheck Checkup,’ using new Tax Withholding Estimator
From IRS.gov — The IRS encourages everyone to use the Tax Withholding Estimator to perform a “paycheck checkup.” This will help you make sure you have the right amount of tax withheld from your paycheck. There are several reasons to check your withholding: Checking...
How Does SECURE Act Impact Your Business’ Retirement Plan?
Late last year, Congress passed, and the President signed, legislation called the SECURE Act. It significantly impacts the landscape regarding retirement plans. If you currently sponsor a qualified retirement plan, or are deciding whether to offer a retirement plan to...
6 Things To Keep In Mind About The 2020 W-4 Form
From Forbes.com – Do you enjoy working with withholding allowances to figure out an employee’s federal income tax withholding? Tough luck if you do. Now, there’s a 2020 W-4 form that completely revamps income tax withholding. It’s time to unfurl the pomp and...
Tax Breaks for Taxpayers Who Itemize
From the KM&M CPAs Newsletter – Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had...