The Eligibility Requirements of Deducting Student Loan Interest
More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you...
27 July, 2021
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KPM is a highly experienced firm of CPAs and advisors that has served clients throughout Southwest Missouri for decades. As you may know, the accounting industry is always evolving amid complex rules and regulations. As a result, our firm publishes timely updates on a variety of accounting topics to help keep you informed.
The Deductibility of Corporate Expenses Covered by Officers or Shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind...
26 July, 2021
Will the Current ‘Stepped-Up Basis’ for Inherited Property Last?
If you are planning your estate, or you have recently inherited assets, you may be unsure of the ‘cost’ (or ‘basis’) for tax...
20 July, 2021
How New Business Start-Up Expenses Are Handled On Your Tax Return
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through...
19 July, 2021
Are You a Trader or Investor? For Tax Purposes, You Need to Know.
Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses, and clerical costs? Under current tax...
13 July, 2021
Who is Responsible for Paying a ‘Trust Fund Recovery Penalty?’
There is a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with...
12 July, 2021
Be Prepared: IRS Audits May Be Increasing
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior...
06 July, 2021
10 Facts About the Pass-Through Deduction for Qualified Business Income
Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to...
06 July, 2021
Are You a Nonworking Spouse? You May Still Be Able to Contribute To An IRA.
Married couples may not be able to save as much as they need for retirement when one spouse does not work outside the...
29 June, 2021