Adam Osborne, HHM CPAs Cleveland office managing partner, has been selected as an ambassador for the American Cancer Society‘s 2023 Real Men Wear Pink of Chattanooga campaign.

HHM was proud to sponsor and participate in this year’s Women United Gala, hosted by the United Way of the Ocoee Region. Journeying back in time to the Wild West and the era of speakeasies, all while raising money for the community was the perfect way to spend an afternoon.

Short-term rental properties, such as Airbnbs and VRBOs, have become an increasingly popular way for property investors and homeowners to utilize their properties.

The IRS has unveiled its paperless processing initiative, which will allow taxpayers the option to received paperless correspondence by the 2024 filing season, with the goal to go fully paperless for all tax returns for the 2025 season.

Upcoming tax deadlines to note.

Beginning on Jan. 1, 2024, many corporations, limited liability companies and other entities created or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

While being just over halfway through 2023, you still have the opportunity to tap into the employee retention credit (ERC) that came about as part of the various COVID relief programs. However, it is important to understand the guidance issued by the IRS surrounding the program.

Plan sponsors can harness the immense power and utility of generative AI to provide better support to plan participants, but they must do so only after putting prudent processes and safeguards in place.

The new lower threshold for required electronic filing of information returns applies to tax year 2023 Forms W-2, Wage and Tax Statement.

Multiple sales tax holidays upcoming.

Georgia Governor, Brian Kemp, signed a bill into law on May 2nd, 2023 that will impose new sales tax on digital products that are downloaded and kept for use.

If you make quarterly estimated payments, the deadline to make your second quarter payment for tax year 2023 is Thursday, June 15th.

The Department of Labor (DOL) released the final changes to Form 5500.

Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors may want to pay particular attention to: the option to allow employees to elect to treat employer contributions as Roth contributions.

It’s important to consider the implications of inflation and rising interest rates, which can affect financial reporting in many ways.

The Tennessee General Assembly recently passed the Tennessee Works Tax Act which provides various tax breaks for businesses in Tennessee.

Depending on if you’re nearing the threshold to take advantage of the itemized deduction, you may want to pay some expenses earlier than planned to add additional deductions to offset your income.

Trusts and 65-day election due by March 6, 2023

A key consideration for your 2022 filing efforts should be to acknowledge that every operating loss for your business or capital loss on investments may not lead to a direct deduction on your 1040 the way that you would think.

Will the good times continue in 2023?

This year the 2022 tax filing deadline is April 18th and it is approaching quickly, but there is still time to take action that might reduce your tax liability.

If you make quarterly estimated payments, you have until January 17th to pay your final estimated tax payment for tax year 2022.

The Biden administration on March 9 unveiled a budget proposal for fiscal 2024 that would reduce the federal deficit by nearly $3 trillion over 10 years, primarily by raising taxes on high-net-worth individuals and large corporations.

The act requires an increased amount of automatic enrollment in employer retirement savings plans, increases catch-up limits, sets the age for RMDs (required minimum distributions) higher, and allows you to make penalty-free withdrawals in case of emergency.

Upcoming due dates for April 18, 2023