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

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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 ...

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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 ...

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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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Gig Workers, Know Your Tax Responsibilities

Abstract: Gig workers represent a growing segment of the economy. And no matter what the job or app, they all have one thing in common: income tax obligations. This article explores the distinctive income tax ...

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Questions for Audit Committees in Contemplating COVID-19 Impacts

As audit committees weigh the practical challenges of accounting, reporting and disclosing the impacts of COVID-19, the following series of questions are designed to assist audit committees in execution of their oversight roles and responsibilities ...

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U.S. GAAP Accounting and Reporting Considerations for PPP Loans for Business Entities

The $349 billion Paycheck Protection Program (the “PPP”) is one of the largest provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”, or the “Act”) enacted on March 27, 2020. The ...

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Relaxed Limit on Business Interest Deductions

Abstract: To provide tax relief to businesses suffering during the COVID-19 pandemic, the CARES Act temporarily relaxes the limitation on deductions for business interest expense. This article explains the rules that had gone into effect ...

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