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.
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...
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...