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.

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.

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.

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.

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.

Stay ahead in the construction industry with our Winter 2025 Construction Insider.

In celebration of Women’s History Month and the incredible women in leadership roles at HHM CPAs, we are proud to highlight Paula Mashburn, a partner at HHM CPAs in the Pensacola office.

In celebration of Women’s History Month and the incredible women in leadership roles at HHM CPAs, we are proud to highlight Kira Wheat, a partner at HHM CPAs in the Chattanooga office.

In celebration of Women’s History Month and the incredible women in leadership roles at HHM CPAs, we are proud to highlight Erica Smith.

The NIH set a new policy that limits indirect cost recovery to 15% for research grants starting February 7, 2025. This alters the previous variable rates that institutions negotiated between 30% and over 60%. The NIH policy shift intends to increase funding for scientific research while ensuring NIH practices match those used by private foundations such as the Gates Foundation. The change creates substantial obstacles, especially for smaller institutions that depend on these funds to support their operations.

On March 2, 2025, the Treasury Department announced that it would not enforce any fines or penalties against US citizens or reporting companies or their beneficial owners after the rule change. They announced they will also be proposing a scope change that will narrow reporting requirement to only foreign reporting companies.

Why dealerships experience turnover in the Controller position.

Pass-through entities, including partnerships, S corporations, and LLCs, can benefit from many tax advantages due to their structure, but they also encounter distinct challenges. Discover the top challenges and actionable steps leaders can take to address these issues.

Changes to how governmental entities report compensated absences like vacation and sick leave

In the last few years, real estate and construction leaders have made great strides to implement new technologies into their regular practices. While these advances have uncovered additional efficiencies, their adoption has created a critical vulnerability: data security.

Another update on the Corporate Transparency Act: Beneficial Ownership Information reporting is once again required.

HHM's 2024 edition of the Auto Dealers' Economic Outlook focuses on key points and topics that auto dealers must be aware of going forward into 2024

This tax court ruling has practical implications for business owners when implementing various tax and estate planning strategies.

The new year ushered in some chilling winter weather, and it also brought us a brand new tax season. As we look back at a challenging year in the construction industry, with high interest rates, high supply costs, and steep inflation, here are some things to consider in 2025.

Contact us to ensure you are meeting all applicable deadlines and to learn more about the filing requirements.

Corporations will continue to have to register and pay taxes, Act 2024-213 only removes the need to file an annual report.

A new policy announced by the Trump administration to suspend federal grants and loans has shocked local governments, nonprofits, and many community projects.

A federal judge issued a temporary injunction against the Trump administration’s January 27, 2025 federal funding freeze which provides municipalities and nonprofits relief through February 3 following legal challenges to the policy by nonprofits and state attorneys general.

Important update on the BOI / Corporate Transparency Act