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.

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.

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.

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

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

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 CPAs Opens Third Office

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

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.

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

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.

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.

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

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.

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

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.

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

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

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.

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

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The Inflation Reduction Act seeks to invest in clean energy and provides tax incentives that can benefit certain contractors.

HHM CPAs strives to keep you up to date on the ever-changing tax laws and regulations while staying in the best position to foster growth and continued success.

HHM Certified Public Accountants was named a 2022 Top 100 Largest Accounting Firm by Inside Public Accounting (IPA), ranking at 94 in the nation.

Matthew sits down with Jessica Seard to explain what a CPA is and a CPA's value to you.

Internal controls are defined as a system or plan of accounting and financial organization within a business comprising all the methods and measures necessary for safeguarding its assets, checking the accuracy of its accounting data, or otherwise substantiating its financial statements, and policing previously adopted rules, procedures, and policies as to compliance and effectiveness.

Two years in a row, the Tennessee General Assembly has approved multiple sales tax holidays for retail shoppers.

Because of cryptocurrency, the words fork and airdrop have new definitions. The IRS has issued minimal guidance to date on the tax consequences of many types of cryptocurrency transactions. Before discussing further, it is important to understand some of the new terms related to cryptocurrency.

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Upcoming multiple sales tax holidays

The healthcare provider revenue cycle consists of several key components, but one that often warrants a critical assessment is cash posting.

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YPC offers members an opportunity to volunteer, network, learn and grow in their careers and service ventures.

HHM Wealth Advisors, LLC, a wealth and investment management firm in Chattanooga TN, has promoted Wealth Advisor Andrew Cook to partner.

You have until June 15 to pay your estimated tax payment for the second quarter of tax year 2022 without penalty.

Read our 2022 edition of the Economic Outlook.

Find out what's in our spring Real Estate Insider newsletter.

Find out what's in our winter employee benefit plans newsletter.

Are all short-term rentals, such as Airbnb, deemed to constitute self-employment income?

Can owners of real estate create passive income from themselves to help offset limited passive losses elsewhere?

The responsibilities and key issues management must consider when evaluating and identifying control deficiencies within their businesses.

Certain Georgia residents will be receiving a refund in the next few months.

The 2022 tax deadline has passed.

Financial Statements of Employee Benefit Plans Subject to ERISA

Your business can deduct 100% of the cost of business-related meals provided by a restaurant.

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Here are a few things to keep in mind after your tax filing is complete.

With BBB off the table, one possible path for Congress is the consideration of smaller, more targeted pieces of legislation.

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Non-fungible Tokens (NFTs) have exploded in popularity over the last several years, and as investors begin to consider their 2021 tax filings.

We are proud to sponsor Wine Women & Shoes fundraising event benefiting Ronald McDonald House Charities of Greater Chattanooga Tennessee.

HHM is proud to sponsor the 2022 Chattanooga Women's Leadership Institute's Chattanooga Women’s Symposium

IRS works to clear backlog and expedite processing

HHM Certified Public Accountants has hired a senior manager, senior accountant, analyst, and a financial operations assistant to accommodate recent growth in its Chattanooga office.

The technology industry, along with the rest of the world, is struggling with global supply chain disruption, material scarcity, rising transportation costs, unpredictable shutdowns, and an industry-wide labor shortage.

Key employee retention and motivation is important and using the incentive of ownership can be a very effective retention tool.

April 15th is approaching quickly, but there is still time to take action and reduce tax liabilities before the deadline.

Find out what's in our winter employee benefit plans newsletter.

Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits.

Employee benefits can be critical to the success of an M&A deal’s integration phase.

Updated IRS Reporting Requirements for Payment App Users

ASC 842, Leases, is the new lease accounting standard issued by the Financial Accounting Standards Board (FASB).

Eight Hires to Start Off New Year

Welcoming Seven New Employees

ASC 842, Leases, is the new lease accounting standard issued by the Financial Accounting Standards Board (FASB).

The IRS announced that tax season will begin more than two weeks ahead of schedule.

Different notices the IRS could potentially send you, their implications, and what to do if you receive one of these notices.

Find out what's in our winter construction insider.

The FASB issued ASU 2021-10[1] (“ASU”).

Did you know that you could have to pay taxes on social security benefits?

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The Build Back Better Act (BBB), which contains several key items of President Biden's legislative agenda, has effectively been shelved indefinitely.

Sponsors of defined benefit and defined contribution plans should keep the following deadlines and other important dates in mind as they work toward ensuring compliance for their plans in 2022.

The most commonly asked questions about estate planning and its effects on taxes.

Watch our tax planning video.

The IRS recently released guidance on the termination of the Employee Retention Credit.

It’s critical to properly calculate your Required Minimum Distribution (RMD) amount each year to avoid major tax consequences.

On November 15, 2021, President Biden officially signed the Infrastructure Investment and Jobs Act of 2021("IIJA").

Keeping up with the abundance of tax deadlines during the year can be a challenging and stressful undertaking, so we have compiled this list to help guide you through some of the key upcoming first quarter deadlines.

The plan sponsor should have a well-documented process breaking down the responsibilities of individuals implementing the plan and a “tone at the top” mind set to make sure these processes are in place, exercised, and regularly reviewed for improvement.

If you participate in a traditional plan, it might be beneficial to consider adding or amending to a safe harbor plan.

Dealerships who have elected and are maintaining LIFO reserves should be planning and assessing the impact now of reduced inventory levels.

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