Expanded disaster tax relief Two recent tax law changes strengthen relief for taxpayers affected by natural disasters. Beginning in 2026, personal casualty loss deductions are no longer limited to federally declared disasters. Certain state-declared disasters ...
HM&M Accounting, Audit and Assurance*, & Tax Blog
Partnerships and limited liability companies (LLCs) — particularly start-ups — often lack the financial resources to offer salaries and benefits competitive with those of larger, established enterprises. One option to help these businesses attract and ...
Significant appreciation in business and investment real estate can create both opportunities and challenges. The tax liability associated with the sale of an appreciated property can make it challenging to reposition real estate holdings. A ...
Families looking for long-term, tax-advantaged ways to help children build wealth now have a new option to consider. The One Big Beautiful Bill Act (OBBBA) introduced Trump Accounts (TAs), a savings vehicle designed to encourage ...
Business Reporting Burden Eased As a result of a provision in the One Big Beautiful Bill Act, an administrative reporting burden for businesses has been eased. For 2025 and prior years, businesses had to issue ...
If you’d like to benefit your favorite charities while creating an income stream for yourself or a loved one, consider incorporating a charitable remainder trust (CRT) into your estate plan. It can reduce the size ...
For manufacturers planning to build new facilities or expand their existing plants, last year’s One Big Beautiful Bill Act (OBBBA) introduced a powerful new tax incentive. Over the next several years, manufacturers may immediately expense ...
In theory, when you sell stocks or mutual fund shares, calculating your gain or loss for tax purposes is simple: It’s the difference between the sale price and your cost basis. In practice, however, it ...
Cash and noncash donation deductions in 2026 The new year brings changes that affect how taxpayers think about charitable contributions of all kinds. You may have heard that the One Big Beautiful Bill Act allows ...
Everyone should have an estate plan — including single people with no children. For married couples, the law generally assumes that one spouse will make financial and medical decisions if the other spouse dies or ...
The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, restored the more favorable pre-2022 limit on business interest expense deductions. That’s good news for many businesses, particularly those in capital-intensive industries, ...
Most married couples assume they should file joint income tax returns, and, usually, that’s the right choice. But under certain circumstances, filing separate returns may offer benefits. Bear in mind that the differences between married ...