top of page
Let's Build Your Financial Future Together.
Ready to experience the HFM difference?
Our team is here to discuss your assurance and advisory needs. Whether you're seeking a higher level of expertise or looking to strengthen your financial strategy, we'll respond promptly to start the conversation.
Insights
Precision in accounting.
Partnership in your success.
2023 Year-End Tax Planning Guide for Businesses
Tax Accounting Methods A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax...
109 min read
2023 YEAR-END TAX PLANNING FOR INDIVIDUALS
With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to...
8 min read
Beneficial Ownership Information Reporting Requirements
FinCEN is issuing a final rule requiring certain entities to file with FinCEN reports that identify two categories of individuals: the...
1 min read
2023 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year...
3 min read
Most Expanded Self-Corrections Available Immediately for Workplace Retirement Plans, but Not for IRA
The IRS has green-lighted immediate use of most – but not all – expanded self-corrections for compliance failures involving tax-qualified...
6 min read
Back to Basics: The Foundational Concepts of Grants Management & Compliance
The “Back to Basics” blog series focuses on the critical concepts and most common compliance issues that are integral to managing and...
7 min read
Notice 2023-55 Offers Temporary Relief from Final FTC Regulations
The IRS on July 21 issued Notice 2023-55 announcing temporary relief for taxpayers in determining whether a foreign tax is eligible for a...
3 min read
RMD Relief and Guidance for 2023
In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting...
4 min read
Are Gift Cards Really a “Gift” for the Restaurant Industry?
Given the popularity of gift cards among both issuers and recipients, restauranteurs should understand the pros and cons of selling and...
3 min read
Connecticut’s 2024 Budget Bill Extends Corporate Surcharge, Alters PTE Tax, and Reduces...
On June 12, 2023, Connecticut Gov. Ned Lamont signed the budget bill (H.B. 6941), which includes three notable tax provisions: (1) an...
3 min read
The Year Ahead in Hospitality: Embracing Opportunities, Mitigating Risk
Three years after the onset of the coronavirus pandemic, the hospitality industry, like others, is still recovering. Though 2022 saw some...
4 min read
IRS Issues Notice of Proposed Rulemaking for Supervisory Approval of Penalties
On April 11, 2023, the U.S. Treasury Department and the IRS issued proposed regulations under IRC Section 6751(b) (REG-121709-19; 88 F.R....
2 min read
Option to Treat Employer Contributions as Roth Contributions Under SECURE 2.0
Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors may want to pay particular attention to: the option to...
4 min read
Is the Door Closing on the Self-Employment Tax Exemption for Active Limited Partners?
A judicial resolution may be near for the unanswered question of whether limited partners in state law limited partnerships may claim...
4 min read
IRS Denies Basis Step-up for Assets of Irrevocable Grantor Trust Not Included in Grantor’s Estate
The IRS on March 29 released Rev. Rul. 2023-2, which confirms that the assets of an irrevocable grantor trust not includable in the...
2 min read
U.S. Tax Court Rules IRS Lacks Statutory Authority to Assess Penalties for Failure to File Form 5471
The U.S. Tax Court held on April 3, 2023, in Farhy v. Commissioner, 160 T.C. No. 6 (April 3, 2023), that the Internal Revenue Code does...
2 min read
2023 Inflation Adjustments Impact Qualified Small Businesses, Business Interest Limitation Exemption
Various provisions of the Internal Revenue Code that are tied to specified dollar amounts provide that those dollar amounts are to be...
4 min read
Final Schedule K-2 and K-3 Instructions Provide Limited Relief for Investment Partnerships
Background Schedules K-2 and K-3 report items of international relevance. Schedule K-3 is provided to partners along with their Schedule...
2 min read
IRS, Treasury Release Corporate AMT Interim Guidance
The Inflation Reduction Act (IRA) enacted on August 16, 2022, created a new corporate alternative minimum tax (AMT) for taxable years...
5 min read
Inflation Reduction Act: Costs and Benefits for Real Estate & Construction
Introduction The Inflation Reduction Act’s (IRA’s) expansion of key energy efficiency tax incentives – such as the 179D energy efficient...
6 min read
bottom of page