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. 

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 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.

Contribution plan limits and other notices for 2023.

Regulatory requirements and filing deadlines set forth by the Employee Retirement Income Security Act (ERISA).

Effectively managing defined contribution plans requires a clear understanding of annual contribution limits, regulatory updates, and compliance deadlines.

Why the lease liability under ASC 842 and the right of asset are not the same.

When ASC 842 was first adopted, many companies felt relief once the initial recognition, accounting, and disclosures were complete. However, compliance does not end there. Companies must remain alert to identify and properly account for new leases as well as changes to existing leases.

HHM CPAs’ own Erica Smith, CPA, shares her perspective on how intentional communication shapes strong, effective leaders.

Making yourself aware of some of the common scams and using good judgement can help keep your money – and personal information – safe from criminals.

Florida had the second-highest number of complaints and losses, totaling $294 million. Georgia, Tennessee, and Alabama also saw significant complaints and financial losses.

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.

When someone has been with your company for decades and announces they are going to retire, it’s a big event which needs to be handled more seriously than a routine replacement.

Beginning January 1, 2026, new rules under SECURE 2.0 will significantly change how certain employees make catch-up contributions to retirement plans. Highly Paid Individuals (HPIs) will be required to make their catch-up contributions on a Roth basis.

The OBBBA’s permanent increase in the federal estate and gift tax exclusion to $15 million per individual opens new opportunities for high-net-worth clients but also requires a thoughtful review of existing plans.

The IRS announced an extension to certain tax filings and payments for individuals and businesses in designated disaster areas in Mississippi.

The SECURE Act 2.0, short for Setting Every Community Up for Retirement Enhancement, is a continuation and expansion of the retirement efforts that began with the original SECURE Act of 2019.

The IRS’s new proposed guidance provides more clarity on how forfeitures are allowed to be used and places responsibility on employers to manage forfeitures more proactively. Whether you sponsor a 401(k), a pension plan, or both, now is the time to revisit your forfeiture procedures and ensure full compliance before the end of 2025.

The Voluntary Fiduciary Correction Program (VFCP) is a long-standing initiative by the U.S. Department of Labor (DOL) that allows plan sponsors and fiduciaries to voluntarily correct certain violations of the Employee Retirement Income Security Act of 1974 (ERISA) without facing enforcement action or civil penalties.

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. 

Several important tax deadlines are approaching for taxpayers who filed extensions for their 2024 federal tax returns, as well as for those making 2025 estimated tax payments.

While many plan sponsors and employers may never encounter the need to file it, understanding when it applies is critical to maintaining compliance and avoiding costly penalties.

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.