Even if the taxpayer does not qualify for direct relief, they might be able to benefit in other ways using various potential tax saving opportunities.

By choosing the right allocation methods and applying them consistently, you can gain valuable insights into project costs, boost profitability, and make more informed decisions that will contribute to long-term success in the construction industry.

While Section 179D offers significant benefits, navigating its complexities requires expertise. It’s vital to consult with a qualified tax advisor who specializes in the construction industry to maximize the benefits of 179D and avoid potential pitfalls.

There are several important tax deadlines for businesses and individuals just around the corner. Keep in mind that this list is not all-inclusive, so there may be additional deadlines that apply to you.

Preparing for an audit can feel burdensome, regardless of previous experience. There are various types of audits, each having different purposes and standards, making it difficult to navigate the process.

For individuals, trusts, and corporations who make quarterly estimated tax payments, the deadline to make second quarter payments for tax year 2024 is Monday, June 17th.

The Corporate Transparency Act BOI filing requirements have been reinstated by the Fifth Circuit Court of Appeals. FinCEN has extended the deadline for most entities until January 13, 2025, with a few exceptions for entities that were formed recently.

As the year comes to a close, many companies prepare for year-end audits, an important process that can impact financial reporting, regulatory compliance, and investor confidence.

Our 2024- 2025 Tax Planning Guides contain the insight needed to help navigate the latest legislation and plan for the year ahead, while taking advantage of tax saving strategies.

As published in IRS News Release IR-2024-285, Nov. 1, 2024

Starting January 1, 2024, dealers selling vehicles that are eligible for the Clean Vehicle Tax Credit (IRC Sections 30D and 25E) must file time-of-sale reports within three days via the IRS ECO Tool. To address compliance challenges, the IRS has introduced temporary relief.

Other federally declared disasters this year include widespread flooding in Illinois, wildfires in New Mexico, and tropical storms in Pennsylvania and Georgia. Victims of these disasters may be eligible for tax relief.

Jacob Pardue, manager at HHM CPAs, dives into key dealership-specific tax planning strategies and considerations. He discusses how automotive businesses can navigate the challenges of expense control, budgeting, and year-end planning to optimize their tax positions.

With the election behind us, it’s the perfect time to focus on year-end tax planning

13 Signs You May Be Victim To A Romance Scam

As part of our Tax Planning Series, we’re diving into important updates and strategies to help you prepare for the 2024 tax season. From inflation adjustments to tax brackets and deductions to special credits and end-of-year planning opportunities, Zach Kanady, supervisor at HHM CPAs, covers these important topics and more in a Q&A.

November 17-23 is Fraud Awareness Week in 2024, which presents an opportunity to remind everyone that fraud continues to rise throughout the world. It’s also a great time to discuss ways to prevent fraud and perhaps reduce the number of people who fall victim to the schemes and scams that seem to multiply daily.

The top 5 things you can do to make your W-2 reporting process go smoothly. 

In the last month Hurricanes Helene and Milton alone have caused billions of dollars of damage across much of the Southeastern United States. Other federally declared disasters this year include widespread flooding in Illinois, wildfires in New Mexico, and tropical storms in Pennsylvania and Georgia. Victims of these disasters may be eligible for tax relief.

Upcoming tax deadlines.

The end of year is an important time for small businesses. It is important because it is a great time to review your business operations and performance. Not only to prepare for taxes but also make plans for next year. So, what should you do and where should you start?

Uncertain times are inevitable and planning ahead is the best way to prepare yourself and your family for unforeseen hardships. When it comes to protecting your assets in economic ebbs and flows, the first line of defense is reviewing your estate plan to ensure you are utilizing the best strategies now and for the future.