HHM CPAs distributed over 850 Thanksgiving meal boxes across 12 partner organizations during our 5th Annual Thanksgiving Food Drive.

With the passage of the Reconciliation Bill (H.R.1), recent Federal Reserve interest rate cuts, and inflation showing signs of moderation, proactive tax planning remains more important than ever.

The passing of Reconciliation Bill H.R.1 (the Bill) in July 2025 brought various changes that will impact individual taxes for 2025 and years to come. In addition to typical year-end tax planning strategies, we have detailed a few of the new updates to provide some idea of what to expect as 2025 comes to a close.

On August 21, 2025, the IRS announced the retirement for the §30D and §25E credits (among others) related to clean energy vehicles and property effective September 30, 2025.

Regularly review control procedures to ensure they remain relevant and effective. Use audit findings and staff feedback to refine processes, tighten weak points, and increase operational efficiency over time.

By 2025, the market has shifted: rising interest rates, evolving consumer demand, manufacturer preference and inventory fluctuations have made covenant compliance more challenging than prior years. Dealerships cannot rely on past performance alone to maintain lender confidence.

Evaluating all your hiring options is part of being a good steward of your company’s finances by not allowing your bottom line to suffer at the hands of excessive fees.

Here are steps you can still take after the new year to reduce your tax liability.

This December 3rd marks the 13th anniversary of Giving Tuesday.

With 2025 ending, it’s time to get prepared for your company’s year-end. With this comes preparation for the documents that your accountant will need to efficiently and accurately complete tax returns and CPA issued financial statements. To make the process as seamless as possible for you and your CPA, there are several things to consider and complete. 

Car dealerships are facing rising levels of theft among employees. This is fueled by multiple factors, including economic pressures, technological vulnerabilities, and internal control weaknesses.

According to studies, BECs accounted for 73% of all reported cyber incidents in 2024.

Occurring each year on the Tuesday after Thanksgiving in the United States, GivingTuesday was designed to follow the spending frenzy of Black Friday and Cyber Monday—inviting people to turn their focus from consumption to contribution.

The 2026 tax season brings significant changes and opportunities. 

Starting with tax year 2025 and continuing through 2028,employees and contractors in certain tipped occupations can deduct up to$25,000 annually per return in voluntarily paid and reported qualified tip income. This deduction is claimed directly on their individual tax returns and is considered “above-the-line,” which means it can be taken even if the taxpayer does not itemize.

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. 

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.