Clean Vehicle Sellers and Dealers Should Register with Energy Credits Online Immediately

Q1 and Q4 deadlines

There are many advantages to conservation easements such as keeping land in the family, lowering your estate taxes, and reducing your tax liability.

Estate planning considerations for year-end tax planning.

HHM CPAs is proud to be the presenting sponsor for CHI Memorial Foundation's annual Pink! gala on Saturday, January 27, 2024.

Our year-end tax planning guide containing year-round strategies to make the tax laws work for you and your business.

The group of HHM runners completed a total of 119.8 miles to support St. Jude's life-saving mission on December 2, 2023.

Take advantage of Giving Tuesday 2023.

Thanksgiving meals to 172 families in Chattanooga

Map out a year-end tax plan and prepare for the year ahead using our Tax Planning Guides.

As published in IRS News Release IR-2023-203, Nov. 1, 2023.

Four questions to ask.

The IRS announced its decision to amend electronic filing regulations relating to informational returns.

Now is the time to call your trusted advisor and prepare yourself for the upcoming year and the ones to follow.

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.

Growing CPA firm welcomes eight new hires to its offices.

HHM CPAs, a Chattanooga-based full-service certified public accounting and consulting firm, has completed its renovation of Cleveland’s historic Harle Building and opened its doors for business once again to the Bradley County community.

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.

HHM CPAs accounting intern, James Huang, authored an article for Accounting Today on the industry hiring crisis.

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

HHM Certified Public Accountants, a full-service CPA and consulting firm with locations in Chattanooga, Cleveland, and Memphis, Tennessee, has hired John Eger as a manager in its dealership services group as well as professional and support staff in its Chattanooga office.

HHM Certified Public Accountants, a full-service CPA and consulting firm with locations in Chattanooga, Cleveland, and Memphis, Tennessee, welcomes Karen Clement as a tax director in its Chattanooga office along with two senior accountants, a supervisor, a staff accountant, and a processing supervisor to accommodate recent growth.

HHM CPAs, a full-service CPA and consulting firm with locations in Chattanooga, Cleveland, and Memphis, Tennessee, is honored to be listed as a 2023 INSIDE Public Accounting (IPA) Best of the Best Firm.

HHM is proud to sponsor the 2023 Chattanooga Zoo’s Banana Ball on September 23, 2023.

HHM is proud to sponsor the 2023 Signal Centers’ Friends of Special Children ABC Event.

HHM is proud to sponsor the 2023 Northside Neighborhood Not So Silent Auction at the Chattanooga Convention Center on October 19, 2023. This event is hosted by the Northside Neighborhood House, a local organization dedicated to ensuring that individuals and families across Northern Hamilton County have access to working and safe utilities, access to the best education in the area and making sure they have food on their plate.

HHM is proud to sponsor the 2023 AGC East Tennessee Golf Tournament on September 26, 2023, at the Council Fire Golf Course. A game the city loves for a cause that couldn’t be better, the AGC Golf Tournament is an annual 4-man scramble golf tournament in which the proceeds go towards helping our local students learn and pursue careers in different areas of the construction trades.

HHM is proud to sponsor the 2023 Annual Women of Distinction Luncheon on October 18, 2023, hosted at the Chattanooga Convention Center. For 40 years the Women of Distinction of Greater Chattanooga has brought together the community to honor women who have made an impact on the community and the city of Chattanooga.

HHM is proud to sponsor the 2023 Paddle for PanCAN 5k Fundraiser departing from the Suck Creek Boat Launch on September 16, 2023. A 3.1-mile kayak and paddle-board race along the beautiful and scenic Tennessee River, the Paddle for PanCAN 5k sends all proceeds to the Pancreatic Cancer Action Network.

HHM CPAs was proud to sponsor this years' Aloha Bowl-A-Thon hosted by the Junior Achievement of Greater Chattanooga. There was no better way to spend the night with good food, hula hoop competitions, face painting and so much more, we can’t wait for next year’s.

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).

Welcome Ted Bruno.

HHM CPAs named an IPA 100 firm for 2023.

HHM CPAs volunteers joined over 300 others in the United Way of the Ocoee Region's Day of Action

Erica Smith is promoted to partner at the CPA firm’s Memphis office

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.

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

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.

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.

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

Welcoming seven new hires to our offices.

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

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.

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

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.

Will the good times continue in 2023?

The IRS has granted relief to certain taxpayers in Arkansas

Don't forget letters of acknowledgement.

Upcoming due dates for April 18, 2023

Beginning January 1, 2023, if you buy a qualified used electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer for $25,000 or less, you may be eligible for a used clean vehicle tax credit (also referred to as a previously owned clean vehicle credit). Below is information dealers may find beneficial when it comes to this tax credit.

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.

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.

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.

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

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

HHM CPAs is proud to sponsor the ACE Awards Banquet at AGC Construction Career Center February 16, 2023.

HHM CPAs is proud to sponsor the 2023 Chattanooga Chamber of Commerce Economic Outlook Breakfast February 21, 2023 at the Walker Theatre.

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.

Contribution plan limits and other notices for 2023.

HHM welcomes two directors, a senior accountant, and 9 staff accountants.

HHM CPAs Opens Third Office

Cigna has selected HHM CPAs as a recipient of its Bronze level Healthy Workforce Designation for demonstrating a strong commitment to improving the health and well-being of its employees through a workplace wellness program.

HHM CPAs is proud to sponsor the Chattanooga Heart Ball, a celebration of the lifesaving work of the American Heart Association.

HHM CPAs proudly announces the promotion of two partners in its Chattanooga and Cleveland offices. The professionals, Blake Bennett and Weston Porter, join the firm’s leadership team, bringing the total number of partners to 23.

Jon Paul Davis will present alongside The Rawls Group and Haig Partners at NADA 2023 on Saturday, January 28 9:00 - 10:00 AM.

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.

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

Jon Paul Davis, MBA, CPA, ABV, CVA, MAFF, CGMA, has been named Managing Partner of the HHM CPAs Memphis location. Davis relocated from the Chattanooga office to the firm’s location at 1755 Kirby Parkway in Memphis.

2023 Quarter One Tax Deadlines

If you are a small business owner, use these five questions when evaluating your books and considering getting outside help.

Many companies are aware of the requirement to issue Forms 1099-NEC to subcontractors but may not be aware of the other types of payments that are reported on Form 1099 series.

Retirement Plan Contribution Considerations Before Year-End

HHM CPAs was listed among the 2023 Top Recommended Tax And Accounting Firms in the U.S.

Mathew Thurman, CPA, sits down with Chad Goodman, CPA, and Chelsea O'Shields, CPA to discuss things you can do before year-end to help prepare for tax filing season.

HHM CPAs has added Mark Lauber, CPA, as Partner in Charge of the Tax Department in their Memphis office.

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Clegg placed 1st in Chattanooga and 6th in the nation among 2500+ ambassadors, raising over $100k

It is important to begin preparing your business records towards the end of the year to ensure a smooth tax filing process.

There were numerous changes with the passage of the 2017 Tax Cuts and Jobs Act.

As the seasons change and the days start to get chillier, market trends are calling for doom and gloom in the economy.

There are several important tax deadlines for both businesses and individuals just around the corner.

U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties.

With CARES Act provisions expiring the charitable contributions deduction will be going back to the pre-pandemic guidelines for individuals but will still provide more generous tax breaks for corporations.

Map out a year-end tax plan and prepare for the year ahead using our Tax Planning Guides.

With the signing of this law, there are critical tax provisions we must be aware of.