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.
‘BOI’ reporting requirement for businesses has arrived
Dear Clients, Starting Jan. 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act ("CTA”). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of...
Seven ways retirement will be different in 2024
From AARP — By Andy Markowitz — How changes in Social Security, Medicare, taxes and more will affect your finances For most people, retirement finance is a delicate balance between income that’s likely less than what you made while working and expenses that may be...
Tax season ahead: IRS warns of scams by email, text, phone
From the IRS — To wrap up National Tax Security Awareness Week, the Internal Revenue Service and the Security Summit partners earlier this month reminded taxpayers and tax professionals to stay alert against emerging scams during the upcoming filing season and...
Why Biden’s EV tax credit could become hard to claim
China-related restrictions on the subsidy are likely to kick in before automakers figure out how to replace China-produced graphite From the Wall Street Journal — By Scott Patterson and Andrew Duehren — The Biden administration hopes to use generous tax...
Retirees have to pay taxes, too. 6 smart ways to reduce them
From Barron's — By Jonathan I. Shenkman — The core focus of retirement planning is on the accumulation of assets to live out one’s golden years. This includes regularly contributing to retirement accounts and investing those funds appropriately. Although this is...
IRS, Treasury propose rules for renewable energy tax credits
From Accounting Today — By Michael Cohn — The Treasury Department and the Internal Revenue Service issued proposed regulations to update the investment tax credit rules to encompass various forms of renewable energy. The proposed regulations, which were posted...
The extra standard deduction for people age 65 and older
From Kiplinger Personal Finance — By Kelley R. Taylor — You’ve probably heard about the standard deduction, but did you know that the tax code offers a perk in the form of an extra standard deduction for people aged 65 or older? For eligible older adult filers, the...
IRS Wins $109 million court case, defeats ‘Project Soy’ maneuver
From the Wall Street Journal – By Richard Rubin – The Internal Revenue Service won a $109 million victory in federal court this week that will help the tax agency combat aggressive corporate tax maneuvers and collect more money from other companies. The IRS...
Consumer Fraud Reporting group lists top 10 scams of 2023
From ConsumerFraudReporting.org — Below is ConsumerFraudReporting.org's list of the top 10 scams of 2023, to date. The list is continually updated. We have a side-by-side comparison of other reporting agencies' top 10 scam lists here. The FTC's (Federal Trade...