The proposed Republican tax bill often referred to as the “One Big Beautiful Bill” has advanced significantly, with the House passing the legislation in late May 2025. The bill is now awaiting Senate consideration and possible modification before it could become law.

For calendar-year QOFs, June 30, 2025, is the first testing date to determine compliance with the 90% investment standard, commonly known as the 90% test.

Tennessee is stepping up its commitment to data privacy with the passage of the Tennessee Information Protection Act (TIPA), which goes into effect on July 1, 2025.

For individuals, trusts, and corporations that make quarterly estimated tax payments, the deadline to make second quarter payments for tax year 2025 is Monday, June 16th, unless you qualify for IRS disaster relief.

Qualified Opportunity Funds (QOZ) can still be a beneficial investment in 2025. The advantages are more limited than in earlier years due to the expiration of some key tax incentives.

For families who own closely held businesses, the estate tax can be especially burdensome, potentially forcing the sale of a family business just to cover the tax bill. That’s why proactive estate planning is so critical, especially for high-net-worth individuals.

The final deadline for submitting amended returns and refund claims is Monday, December 2, 2024.

As Congress debates one of the most significant tax packages in years, businesses and individuals are watching closely to see how the proposed tax bill could impact their bottom line.

When divorce is imminent or in progress, there are a few financial preparation steps available to help minimize the cost and headache of sorting out divorce’s financial implications.

Sitting for the CPA exam can be intimidating and stressful, especially if have already accepted a full-time position. Here are some helpful tips to get through this monumental four part test.

Reflections from a 2025 tax season intern.

In a continued response to industry concerns regarding the accessibility of CPA licensure, the Tennessee House of Representatives has passed HB 1330, a widely anticipated update to legislature that adds a new pathway to becoming a certified public accountant in Tennessee.

Tips for first year accountants from a first year accountant.

IRS further postpones various tax deadlines to Sept. 25 for North Carolina storm victims

HHM CPAs, a Chattanooga-based full-service certified public accounting and consulting firm, has completed its renovation of Cleveland’s historic Harle Building and opened its doors for business once again to the Bradley County community.

On March 27, 2025, Mississippi Governor, Tate Reeves, signed new legislation that will phase out the state’s individual income tax over time.

The IRS has extended federal tax relief to all of Tennessee, providing individuals and businesses affected by recent storms with extended filing and payment deadlines until November 3, 2025.

Spring tax deadlines to be aware of.

Adam Osborne honored at the Annual Impact Report & Awards Celebration

Significant enhancements to Form 6765 are on the horizon for taxpayers that claim a research and development (R&D) tax credit. The changes are optional for 2024 and mandatory for 2025. Sections E and G have been revamped to compel more detailed qualitative data directly with the originally filed tax return.

A well-structured Record Retention Schedule helps businesses manage their documents efficiently, outlining how long specific records should be kept before they can be destroyed.

Affected businesses may claim refunds with respect to franchise returns filed on or after January 1, 2021, for fiscal tax years ending March 31, 2020, or later.

Succession will happen, so it’s important to plan accordingly— and well in advance—to achieve the desired outcome and maintain the family wealth enterprise.

Determining whether a controlled or affiliated service group situation exists is a task that some employers might ignore, since it is confusing and complex, in the hope that it never becomes an issue. However, government regulators expect plan sponsors to understand these rules and ensure their plans comply with regulations, so pleading ignorance is not an acceptable excuse to the Department of Labor or the IRS.