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

The Secure 2.0 Act: Key Changes for Workplace Retirement Plans

On December 29th, 2022, President Biden signed the SECURE Act 2.0 into law, as part of the Consolidated Appropriations Act. This broad-reaching legislation is expected to impact tax incentives as it relates to retirement plans ...

65-Day Election Deadline Approaches for Complex Trust and Estates

A complex trust or estate may make an election under Internal Revenue Code Section 663(b) to treat all distributions made during a 65-day period as having occurred on the last day of the prior tax ...

How To Evaluate Service Providers as a 401(k) Fiduciary

We often receive questions from clients about their 401(k) plans and recently had a client ask two thought provoking questions: “What steps should I take to monitor service providers I hire to help me administer ...

IRS Delays Form 1099-K Reporting Threshold

Right before the Christmas holiday, the IRS announced that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations (TPSO), meaning that the threshold of $600 will not apply to transactions in ...

Business Tax Changes

There will be a few tax changes for businesses of note for the tax year 2023 and beyond, including a huge 2017 TCJA tax benefit that will begin to phase out at the end of ...

The New Lease Accounting Standard Is Here, Are You Ready?

The new lease standard, Financial Accounting Standards Board (FASB) ASC 842, is effective for private companies that present their financials under US GAAP with fiscal years beginning after December 15, 2021. What is Lease Accounting ...

Charitable Donations

Giving to charity can provide not only large tax deductions to help you do well financially (as long as you itemize deductions) but also the satisfaction of doing good. On top of that, it’s one ...

Retirement Savings

If most of your money is tied up in your business, saving for retirement can be a challenge. So, if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. If ...

Form 1099-K Changes

Form 1099-K Changes New for tax years beginning in 2022, is a much lower threshold for payment settlement entities to report payments to merchants. Prior to 2022, the threshold to report payments on Form 1099-K ...

The New Lease Accounting Standard Is Here, Are You Ready?

Are you prepared to meet the new lease standard requirements?  The new lease standard, Financial Accounting Standards Board (FASB) ASC 842, is effective for private companies with fiscal years beginning after December 15, 2021.  What ...

IRA - files

Highlights of the Inflation Reduction Act (IRA)

The Inflation Reduction Act of 2022, was signed into law by President Biden on Tuesday, August 16, 2022. The Inflation Reduction Act of 2022 (The Act) will raise revenue, reduce the deficit, make major investments ...

IRS Backlog Files

The IRS is Buried in Work, Ya’ll

That is both a literal and figurative statement. The photo above, provided by the U.S. Department of the Treasury, shows the cafeteria at the IRS’ Austin facility in June. This is visual confirmation of what ...

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