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 scam and consumer alerts from the IRS
From the Internal Revenue Service (IRS) — Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone and email to set up individuals, businesses, payroll and tax professionals. The...
Republicans’ $4 trillion question: Should they pay for extending Trump tax cuts?
Lawmakers begin weighing fiscal impact of extending tax reductions that expire after 2025 From the Wall Street Journal — By Richard Rubin — WASHINGTON — Republicans want to extend the Trump-era tax cuts that lapse after 2025. A big point of debate now: Should they...
Amended tax return: How and when to file IRS Form 1040-X
From Forbes— By Janet Berry-Johnson— Realizing you made a mistake on your tax return? Don't panic. If you overlooked a valuable deduction, say, or forgot to report some of your income, you can simply file an amended return. Amending your return to correct a mistake...
To extend middle-class tax breaks, Biden wants higher taxes on wealthy, corporations
From CNBC — By Kate Dore — President Joe Biden’s top economic advisor on Friday, May 10, laid out plans for the country’s looming debate over trillions in expiring tax breaks enacted by former President Donald Trump. Several provisions from the Tax Cuts and Jobs Act,...
Retirement: 15 changes to 401(k)s and other accounts for 2024
From FinanceBuzz.com— By Adam Palasciano — With 2024 already underway, some substantial changes to retirement plans are in effect. These modifications could significantly impact your financial strategies. Maybe you were considering retiring early, but the new options...
IRS waives mandatory withdrawals from certain inherited IRAs — again
From CNBC — By Kate Dore — Certain heirs have to deplete inherited retirement accounts within 10 years due to a provision in the Secure Act. However, the rules have confused taxpayers and the IRS has again delayed penalties for missed required minimum distributions....
Five tax myths you need to stop believing
From GOBankingRates — By Dave Ramsey — There are a lot of tax myths floating around because many people do not understand how their taxes work. Some you may have heard from family, friends or even a social media influencer. In this article, GOBankingRates examines...
Stressed about taxes? Blame the ancient Egyptians
From Smithonian Magazine – By Kate McMahon — From mummified pharaohs to the Great Pyramid of Giza, ancient Egyptian iconography dominates the modern world. But few realize that the Egyptians also left behind a more practical legacy: taxes and the principles...
New tech support imposters want your life savings
From the Federal Trade Commission — By Amy Hebert — As we continue our deep dive into scams by imposters, we’re taking a look at a new twist on tech support scams. Ever deal with a tech support scam? A warning pops up on your computer. It says your computer has a...