The new tax legislation, signed on July 4, 2025, introduces several changes to the deductions for charitable contributions. These changes will take effect after December 31, 2025. With the new standard deduction, it is more important than ever to review your charitable giving with your financial advisor.

HHM CPAs hires several professionals from Audit Supervisor to Office Manager

This article identifies significant changes impacting tax-exempt organizations and items management needs to know to effectively navigate the developing tax policies surrounding charitable contributions, scholarships, and excise tax for excess compensation.

For calendar year plans, the deadline is July 31, 2025. If your audit is not complete or you need additional time to file, you can request an extension by submitting Form 5558 to the IRS by July 31, 2025, which extends the filing deadline to October 15, 2025.

A recent change to the Department of Labor’s 401(k) audit threshold—shifting the participant count from eligible individuals to those with account balances—may reduce compliance burdens for some small plans, but can create unexpected complications and costs for those near the 100-participant mark, especially if an audit is skipped and later required.

Amendment offers meaningful relief to RV dealerships engaged in the sale of certain trailers and campers.