HM&M Accounting, Audit and Assurance, & Tax Blog

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Bitcoin, Altcoin, Dogecoin! Oh My. – Part 2

Blog Part 2 of 2 – Read Part 1 by clicking here How does the IRS treat cryptocurrency? Cryptocurrency is considered property, but when traded it is treated similar to stock. Anytime cryptocurrency is converted ...

Bitcoin, Altcoin, Dogecoin! Oh My.

Blog Part 1 of 2 This seems to be the subject of the hour. In every news outlet and financial news platform there is a mention of Bitcoin (BTC), Altcoin (Ethereum, Stellar, Etc.) or even ...

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IRS’ Advance Payments of 2021 Refundable Child Tax Credit under The American Rescue Plan Act of 2021

The American Rescue Plan Act (ARPA) made the Child Tax Credit (CTC) fully refundable for 2021 and increased the maximum amount from $2,000 to $3,000 per qualifying child for children between ages 6 and 17 ...

Employees in a planning meeting

Employee Retention Credit – Available for 2020 and 2021

Have you looked into the Employee Retention Credit (“ERC”) for your business? This lucrative payroll credit is refundable and it can be surprisingly substantial. Just as a quick recap, the ERC is available for wages ...

Employees working together

SAS 136: What Plan Sponsors Need To Know About Upcoming Changes To ERISA Plan Audits

Click to Download Article Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial ...

President Biden’s Tax Proposals to Fund His American Jobs Plan and His American Families Plan – Part 2

In Part I of this analysis, we provided a brief overview of President Joe Biden’s two recent 2021 legislative proposals that could have major implications on Federal income taxation of individuals, businesses, and other entities, ...

President Biden’s Tax Proposals to Fund His American Jobs Plan and His American Families Plan – Part I

Introduction Following the enactment into law of his American Rescue Plan on March 11, 2021, legislation primarily aimed at providing continued COVID-19 relief, President Biden has unveiled two broad proposals that could deliver on a ...

Covid-19 Vaccine Parking

COVID-19 Vaccination Tax Credit for Small Businesses

The American Rescue Plan Act of 2021 (ARP) provides for refundable tax credits that are meant to reimburse employers for providing paid sick and family leave to their employees due to COVID-19, which includes leave ...

Introduction to Winter Storm Disaster Relief

Last week, many Texans and residents of other southern states were severely impacted by a historic winter storm. A substantial amount of time may lapse before we fully recover. Today, HM&M presents an overview of ...

Apartment Building

When 15-Year Depreciation For QIP Might Be Better Than 100% Bonus Depreciation

Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The ...

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5 Tips For Safe Intrafamily Loans

If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift ...

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The Ins And Outs Of The Easing Of Loss Limitation Rules

Abstract: To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the CARES Act eases the rules for claiming certain tax losses. This article provides an overview of ...

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