With recent updates to IRS Publication 3891, taxpayers in certain states must now mail payments and filings for 1040-ES, 1040-V, and Form 941 to a new mailing address. 

The Reconciliation Bill -H.R. 1 - has introduced transformative changes to Section 1202 of the Internal Revenue Code which covers the exclusion of gain from the sale or exchange of Qualified Small Business Stock (QSBS). These updates significantly broaden eligibility, raise cap limits, and introduce a tiered gain exclusion, providing more flexibility and tax-saving opportunities for investors.

Join the Chattanooga Bar Association and HHM's Will Clegg and Amber Mueller, CVA for a practical overview of the new Reconciliation Bill and its far-reaching tax implications.

On July 4th, 2025, President Donald Trump signed and enacted the Reconciliation Bill H.R. 1. This new bill introduced many changes to existing individual tax provisions, including tax rates, deductions, credits, and alternative minimum tax rules.

Welcome to the second installment of HHM CPAs’ webinar series exploring key changes in tax law stemming from the Reconciliation Bill.

The Reconciliation Bill, which was signed into law on July 4, 2025, introduced many tax changes, among them is an increase to the State and Local Tax (SALT) deduction that is claimed on Schedule A of Form 1040.

The depreciation expense changes enacted through the 2025 Reconciliation Bill are intended to incentivize investment, accelerate cost recovery and increase cash flow by providing immediate tax relief for businesses investing in depreciable property. 

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.

Effective for Tax Years Beginning After December 31, 2024 (Unless Otherwise Noted)