Insights

When it comes to your legacy, there’s no substitute for proactive planning. Whether you’re looking to protect family wealth, minimize taxes, or ensure your wishes are honored for generations to come, the right estate and trust strategy  is essential. But true peace of mind comes from more than just having a will or trust document—it comes from an integrated approach that combines expert tax compliance  and advisory services . At HFM, we understand that estates and trusts are

The IRS has issued its annual filing season guidance, and 2026 brings substantial changes that will impact how you file your 2025 tax returns. From the phase-out of paper refund checks to new deductions and expanded reporting requirements, this filing season demands careful preparation and strategic planning.

The IRS has released crucial guidance on President Trump's new tax deduction for car loan interest, and the eligibility requirements are more specific than many taxpayers might expect. While this benefit could provide meaningful tax savings for car buyers, only vehicles that meet strict "made in America" criteria will qualify for the deduction.

A significant change in U.S. Postal Service operations could create serious complications for taxpayers and businesses who rely on postmarks to prove compliance with critical deadlines. As of December 24, 2025, postmarks can no longer be considered reliable evidence of when mail was sent, potentially putting tax returns, legal documents, and other time-sensitive correspondence at risk.

The IRS has announced the standard mileage rates for 2026, with the business rate climbing to 72.5 cents per mile—a 2.5-cent increase from 2025. These annual adjustments reflect updated cost data and inflation, providing businesses and taxpayers with revised deduction calculations for vehicle expenses in the coming year.

The recently passed One Big Beautiful Bill Act (OBBBA) brings significant changes to the rules for charitable deductions, affecting both itemizers and non-itemizers starting in 2026. While the law introduces a new above-the-line deduction for some donors, it also imposes new limits and reductions that could impact the tax benefits of giving.

A significant change to federal gambling tax rules is set to take effect in 2026, and it could mean that some gamblers will owe taxes on income they never actually received. This new provision, part of the One Big Beautiful Bill Act (OBBBA), limits the deductibility of gambling losses to 90% of winnings. The result: even gamblers who break even or lose money could face a tax bill.

President Trump has signed the IRS Math and Taxpayer Help (MATH) Act into law. This bipartisan legislation, which received support from the American Institute of CPAs, introduces new requirements for how the IRS communicates with taxpayers about math errors on their tax returns.

With the passing of the One Big Beautiful Bill Act (OBBBA), the Federal Reserve cutting interest rates, and inflation showing signs of moderating, tax planning remains as important as ever for taxpayers seeking to manage cash flows and reduce their tax liabilities over time.

The tax function is under increasing pressure. Legislative changes and new disclosure rules will make accounting for income taxes more complex and challenging.

State and local tax (SALT) issues consistently rank among the top concerns of tax and finance professionals.

Human capital challenges remain at the forefront as private companies look to retain and attract talent and leverage tax rules to efficiently offer competitive equity and benefit programs.

The current trade environment is marked by rapid and often unpredictable changes, posing significant challenges for businesses.

Transfer pricing is consistently one of the top tax issues facing multinational public companies.

International tax planning is becoming both more complex and more important.

With all the challenges facing private companies this year, it's critical that they leverage every available tax benefit.

Over the last several years, the IRS has been ramping up its scrutiny of partnership tax positions. Part of this effort included comprehensive basis shifting guidance issued in the summer of 2024. In 2025, the trend toward increased partnership enforcement eased under the new administration, which has withdrawn the bulk of the basis shifting guidance.

The current capital markets environment remains marked by volatility, persistent inflationary pressure, and structurally higher interest rates. Companies are facing less predictable financing windows, with higher cost debt and volatile equity valuations.

From Survive to Thrive: Private companies find themselves navigating a tax landscape marked by rapid change and increasing complexity. The wave of legislative, economic, and technological developments over the past year has created novel challenges. It's not enough to merely survive.

Regardless of whether your private company is taxed as a C corporation at the 21% rate or organized as a pass-through, the rules for calculating and recognizing income have changed significantly. The One Big Beautiful Bill Act (OBBBA) makes major changes to research expensing, bonus depreciation, and the limit on the interest deduction.