The IRS announced an extension to certain tax filings and payments for individuals and businesses in designated disaster areas in Mississippi.

The SECURE Act 2.0, short for Setting Every Community Up for Retirement Enhancement, is a continuation and expansion of the retirement efforts that began with the original SECURE Act of 2019.

The IRS’s new proposed guidance provides more clarity on how forfeitures are allowed to be used and places responsibility on employers to manage forfeitures more proactively. Whether you sponsor a 401(k), a pension plan, or both, now is the time to revisit your forfeiture procedures and ensure full compliance before the end of 2025.

The Voluntary Fiduciary Correction Program (VFCP) is a long-standing initiative by the U.S. Department of Labor (DOL) that allows plan sponsors and fiduciaries to voluntarily correct certain violations of the Employee Retirement Income Security Act of 1974 (ERISA) without facing enforcement action or civil penalties.

With recent updates to IRS Publication 3891, taxpayers in certain states must now mail payments and filings for 1040-ES, 1040-V, and Form 941 to a new mailing address. 

Several important tax deadlines are approaching for taxpayers who filed extensions for their 2024 federal tax returns, as well as for those making 2025 estimated tax payments.

While many plan sponsors and employers may never encounter the need to file it, understanding when it applies is critical to maintaining compliance and avoiding costly penalties.

The Reconciliation Bill -H.R. 1 - has introduced transformative changes to Section 1202 of the Internal Revenue Code which covers the exclusion of gain from the sale or exchange of Qualified Small Business Stock (QSBS). These updates significantly broaden eligibility, raise cap limits, and introduce a tiered gain exclusion, providing more flexibility and tax-saving opportunities for investors.

On July 4th, 2025, President Donald Trump signed and enacted the Reconciliation Bill H.R. 1. This new bill introduced many changes to existing individual tax provisions, including tax rates, deductions, credits, and alternative minimum tax rules.

Are you interested in tailoring risk management services to better meet your dealership needs? Are you concerned that your dealership may be overpaying for your current insurance coverage? More dealerships are forming their own (captive) insurance companies to self- insure selected risks. Learn the basics, and pros and cons of establishing a captive insurance company for your dealership.

In February, 2016, the Financial Accounting Standards Boards (FASB) issued an Accounting Standards Update (ASU) 2016-02 to significantly change how operating leases were to be recorded to comply with accounting principles generally accepted in the United State of America (US GAAP).

A recent change to the Department of Labor’s 401(k) audit threshold—shifting the participant count from eligible individuals to those with account balances—may reduce compliance burdens for some small plans, but can create unexpected complications and costs for those near the 100-participant mark, especially if an audit is skipped and later required.

Here are the top five issues experienced by auditors during field work and ways to resolve them to keep the efficiency you’ve already achieved.

For calendar year plans, the deadline is July 31, 2025. If your audit is not complete or you need additional time to file, you can request an extension by submitting Form 5558 to the IRS by July 31, 2025, which extends the filing deadline to October 15, 2025.

We were honored to attend the NACUBO 2025 Annual Meeting, held July 26–29 in Washington, DC (National Harbor, MD).

The new framework is expected to increase tax burdens on wealthy institutions and could have long-term implications for how colleges and universities fund scholarships, research, and student services.

Five practical strategies to address these challenges and ensure compliance.

Current provisions governing Qualified Opportunity Funds (QOFs), including holding periods, gain exclusions, and critical election deadlines.

This article highlights four new tax changes that present planning opportunities for individuals: the Senior Deduction, Car Loan Interest Deduction, Trump Accounts for Children, and Payroll and Fringe Benefit Changes.

The Reconciliation Bill, which was signed into law on July 4, 2025, introduced many tax changes, among them is an increase to the State and Local Tax (SALT) deduction that is claimed on Schedule A of Form 1040.

This guide outlines the key EV credits being phased out, what they offer, and the steps you should take to maximize your benefits before the deadlines.

The depreciation expense changes enacted through the 2025 Reconciliation Bill are intended to incentivize investment, accelerate cost recovery and increase cash flow by providing immediate tax relief for businesses investing in depreciable property. 

The new tax legislation, signed on July 4, 2025, introduces several changes to the deductions for charitable contributions. These changes will take effect after December 31, 2025. With the new standard deduction, it is more important than ever to review your charitable giving with your financial advisor.

HHM CPAs hires several professionals from Audit Supervisor to Office Manager

This article identifies significant changes impacting tax-exempt organizations and items management needs to know to effectively navigate the developing tax policies surrounding charitable contributions, scholarships, and excise tax for excess compensation.