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Major Developments in the Tax Bill (May 12, 2024 – June 11, 2025)

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.

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Reminder: June 30, 2025, Is a Key Compliance Date for Qualified Opportunity Funds

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.

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Tennessee’s New Information Protection Act: What It Means for Your Business

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.

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2025 Q2 Estimated Tax Payments Due June 16th

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.

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Qualified Opportunity Funds are still a beneficial investment in 2025

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.

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Gift and Estate Tax Refresher

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.

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Tennessee Franchise Tax: Refund Claim Filing Deadline December 2nd

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

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What the Proposed Republican Tax Bill Could Mean for Individuals and Businesses

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.

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Preparing Your Finances for Divorce

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.

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5 Tips for Passing the CPA Exam

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.

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10 Things I Learned Interning During Tax Season

Reflections from a 2025 tax season intern.

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HB 1330: A New Chapter for Aspiring CPAs in Tennessee

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.

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Tips for First Year Accountants

Tips for first year accountants from a first year accountant.

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IRS Further Postpones Various Tax Deadlines for North Carolina Storm Victims

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

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HHM CPAs Renovates 100-year-old Historic Harle Building

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.

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Mississippi Passes Major Tax Legislation, Begins Income Tax Phase-Out

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

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Urgent: All of Tennessee Now Eligible for IRS Disaster Tax Relief

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.

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Upcoming Tax Deadlines: April - May 2025

Spring tax deadlines to be aware of.

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Adam Osborne Honored as United Way’s Young Professional of the Year

Adam Osborne honored at the Annual Impact Report & Awards Celebration

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Upcoming Changes to Form 6765: What Taxpayers Need to Know About the R&D Tax Credit

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.

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Record Retention Schedule for Businesses

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.

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Franchise Tax Reform Passes: Refunds Coming for Tennessee Businesses

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.

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How to Plan for Succession: Preserving, Protecting, and Passing on Wealth

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.

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Why It’s Important for Plan Sponsors to Identify Controlled Groups

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.

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