2022 ended with a decline in single family starts for the first time since 2011. This according to the National Association of Home Builders (NAHB) summary published in January of 2023.

Two of the most common, and often costly, forms of cyberattacks that are affecting businesses and individuals today – whaling and spear phishing.

The Tennessee business tax is also known as the annual county and city license renewal or gross receipts tax. It is a privilege tax that applies to gross sales of all tangible personal property and services that are not specifically exempt from business tax. It’s important to note that even if a sale is exempt from sales tax, it may still be subject to business tax. This tax has been in existence since the 1970s, with the current structure in place since 2014.

The Internal Revenue Service (IRS) recently updated the process for filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.

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.

In a recent Tax Court case, the IRS attempted — unsuccessfully — to supplant the fair market value agreed to by unrelated parties in a partnership transaction.

Multiple sales tax holidays upcoming.

Why the lease liability under ASC 842 and the right of asset are not the same.

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.

Contribution plan limits and other notices for 2023.

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