Blog

Business Travel Tips from One Young Professional to Another

Traveling for business is an exciting idea for many young professionals. Some millennials have mastered the art of blending business travel with leisure travel, and research shows millennials associate business travel with job satisfaction.

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California Wildfire Tax Relief

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.

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Indirect Cost Allocation Methods for Construction Jobs: Maximizing Profitability and Accuracy

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.

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Real Estate Investor vs. Dealer: Understanding the Differences and Tax Implications

As real estate prices continue to rise, owners of undeveloped "raw" land are finding property development an increasingly attractive opportunity. However, those involved in development may face significantly different tax implications and investment returns depending on whether they are classified as investors who pay capital gains taxes, or dealers who are taxed at higher ordinary income rates.

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Driving Energy Efficiency with Section 179D: Tax Strategies for the Construction Sector

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.

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Upcoming Tax Deadlines for 2025

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.

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Preparing for an Audit: Tips for a Smooth Process and Best Practices

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.

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Tax Season Fraud: Red Flags and How to Protect Your Information

Making yourself aware of some of the common scams and using good judgement can help keep your money – and personal information – safe from criminals.

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2024 Q2 Estimated Tax Payments Due June 17th

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.

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Contractors’ License Renewals: Change in Tennessee Requirements

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Corporate Transparency Act (CTA) BOI Filing Requirements: New Deadlines Announced

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.

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Key Accounting Considerations Leading Into Your Year-End Audit

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.

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2024 - 2025 Tax Planning Guide for Businesses

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.

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2025 IRS Limits on Retirement Plan Benefits and Compensation

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

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EV Update: IRS Temporary Relief for Clean Vehicle Tax Credit Reporting

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.

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Natural Disasters & Casualty Losses

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.

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Tax Planning Series: Dealership Tax Planning

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.

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Year-End Tax Planning: Key Considerations After the Election

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

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Fraud Awareness Week: Romance Scams

13 Signs You May Be Victim To A Romance Scam

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Tax Planning Series: Key Updates for 2024 Taxes and Year-End Tips

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.

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Fraud Awareness Week: 3 Common Types of Fraud & How to Prevent Them

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.

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5 Key Steps to Streamline Your W-2 Reporting for January 2025

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

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Natural Disasters and Their Tax Implications

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.

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