HHM’s Employee Benefit Plans team has released a new edition of our Employee Benefit Plans Newsletter, featuring the most recent updates and insights to help plan sponsors stay current with the latest tax law changes and compliance guidance.

Reconciliation Bill H.R.1 introduced a new “no tax on tips” provision allowing workers in tipped occupations to claim a tax deduction for qualified tips received.

The Internal Revenue Services recently released Rev. Proc. 2025-32 providing the annual inflation adjustments for more than 60 tax provisions for tax year 2026 and increases the standard deduction for tax year 2025 as prescribed by the Reconciliation Bill. 

Longtime Chattanooga business and banking leader expands firm’s expertise in financial services and beyond

Firm named a 2025 Wealth Magnet by Accounting Today, highlighting more than three decades of integrated CPA and wealth management services

On March 25, 2025, President Donald Trump issued Executive Order 14247 which was issued to help prevent theft of tax refunds and to reduce the cost and infrastructure needed to continue processing paper checks.

Originally, the EBL was set to expire in 2028; however, the bill has made the limitation permanent.

The ongoing government shutdown, which began October 1, 2025, has paused many IRS functions and could impact certain tax-related processes. HHM CPAs is here to help you stay compliant and informed during this period.

The IRS and most states require that taxes that will be due for the upcoming year be paid in advance, so taxes due in April 2026 for the year 2025 need to be paid during the 2025 calendar year.