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.
IRS sent letters about possible ID theft; 2.5 million people just didn’t respond
From the Detroit Free Press — By Susan Tompor — Hard to imagine anyone just ignoring an IRS letter that flags a potential trouble spot involving fraud or ID theft. Or taxpayers not making a move to prove they are who they say they are to get their tax refund cash....
Self-employed have quarterly tax payments due in September
From The Ascent — By Maurie Backman — Self-employment can really be a mixed bag. On the one hand, it's nice to set your own hours and, in some cases, work from anywhere. On the other hand, being self-employed means grappling with an income that might vary...
Mid-year tax planning checklist notes
From Forbes — By Sean Hanlon — 2023 Federal Tax Forms 1099-DIV – Reports ordinary and qualified dividends and short- and long-term capital gains distributions for taxable and tax-exempt accounts. 1099-B – Reports exchange and redemption activity in non-IRA...
New rules for inherited IRAs could leave heirs with a hefty tax bill
From Kiplinger Personal Finance — By Sandra Block — Thanks to recent changes in the law on inherited IRAs, your tax bill from any inheritance could be larger than you expect. New rules for inherited IRAs could leave some heirs with a hefty tax bill. In the first...
Taxpayers see wave of summer email, text scam schemes
From the IRS — IRS urges extra caution with flood of scams involving Economic Impact Payments, Employee Retention Credits, and tax refunds WASHINGTON — The Internal Revenue Service warned taxpayers today to be on the lookout for a summer surge of tax scams as identity...
Tips for taxpayers on National Get Out Of The Doghouse Day
From Forbes — By Kelly Phillips Erb — Are tax troubles on your mind? Monday was National Get Out Of The Doghouse Day. Why not take advantage of the opportunity to clean up your finances and resolve your tax issue? Getting started now will help get you out of the...
Here’s your new standard deduction and tax rate for 2023
From Money Talks News — By Karla Bowsher — The federal government regularly adjusts everything from Social Security benefits to retirement account limits to account for inflation. The same goes for some key aspects of federal income taxes, including the standard...
Boost your tax strategy with asset purchases
From Forbes.com — By Vlad Rusz — When you have a profitable year, you might be looking at ways to decrease your taxable income, and thus your taxes. There are many ways to achieve this, and many business owners come across advice to “just buy some assets,” especially...
Moore: A wealth-tax watershed moment for Supreme Court
From the Wall Street Journal by its Editorial Board — June 27, 2023 — The Justices will hear Moore v. U.S., which asks if ‘income’ under the law can be an unrealized gain. The Supreme Court is set to finish another consequential term this week, and on Monday the...