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.
Trump, Harris agree on one thing: No taxes on tips. How about the budget?
From USA Today – By Maya Marchel Hoff – The conversation around eliminating taxes on tips for service and hospitality workers is being reignited after former President Donald Trump and Vice President Kamala Harris have come out in support of it on the campaign trail....
Tax payments by undocumented immigrants study released
A Report from the Institue on Taxations and Economic Policy – July 30, 2024 – Key findings: Undocumented immigrants paid $96.7 billion in federal, state, and local taxes in 2022. Most of that amount, $59.4 billion, was paid to the federal government while the...
Harris’ economic policies expected to largely mirror Biden’s, analysts say
From USA Today – By Paul Davidson – Vice President Kamala Harris would largely adopt President Biden’s economic blueprint on major issues such as taxes, trade and immigration if she becomes the Democratic presidential nominee, despite her previous views that leaned...
Roth conversion ladder can save on taxes, unlock retirement funds early
From CNBC – By Kate Dore – A Roth conversion ladder is a multiyear strategy to transfer pretax funds to a Roth IRA to kickstart future tax-free growth. You'll owe upfront levies on the converted balance, but there is no 10% early withdrawal penalty after five years....
FinCEN warns of fraudsters using BOI Reports in scam attempts
The Financial Crimes Enforcement Network, the division of the US Treasury Department responsible for collecting new Beneficial Ownership Information reports from many companies in the United States, has issued an alert about potential scams involving the new...
Taxpayers who would be affected by the IRS loophole-closing plan
From the AS USA/MSN — By Oliver Povey — The US Department of the Treasury and the Internal Revenue Service (IRS) have announced a new regulatory initiative to close a major tax loophole exploited by large, complex partnerships. This initiative is part of ongoing...
Plan for new accounting rules on software costs moves forward
From the Wall Street Journal — By Mark Maurer — U.S. companies may need to report cash amounts tied to their software expenditures, more of which would be moved off corporate balance sheets under a forthcoming proposal to update decades-old accounting rules. From the...
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?
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 cover any or all of the $4 trillion cost — and how? Lawmakers begin weighing fiscal impact...