HMA Bookkeeping & Tax, LLC

03/09/2026

This time of year is basically the accountant version of March Madness. ☕📊

From mid-February through April, we are working through a very full queue of returns. Once documents are received, we must place returns into preparation order, and during peak season a 2–3 week turnaround is very common.

Business returns (1120S due by 15 March) can take a little longer because they often involve reconciling bookkeeping, reviewing expenses, depreciation, and making sure everything aligns correctly with IRS requirements. Accuracy always comes first.

We also want to give a big thank you to our proactive clients who submit their documents early — both personal and business returns. Your organization and timeliness truly help keep the process running smoothly for everyone. We appreciate you more than you know!

Most of the time, no news simply means your return is moving through the process. We will reach out if additional information is needed or when a draft return is ready.

So if you don’t hear back right away, don’t panic — it usually just means your accountant is somewhere surrounded by coffee, calculators, and a very determined to-do list. 😊

Tax season is a marathon for everyone involved, but the goal is always the same: getting your return done correctly and filed properly.

Thanks so much for your cooperation and patience.

02/16/2026

📣 Important 2025 Tax Season Update – Overtime Wages

If you are submitting your 2025 W-2 and worked any overtime during the year, please make sure to also provide your final end-of-year paystub.

Your last paystub must show:
✔️ Breakdown of regular wages
✔️ Breakdown of overtime wages
✔️ Year-to-date totals

We need this information to properly calculate the No Tax on Overtime adjustment and ensure you receive every dollar you’re entitled.

If you’re unsure whether this applies to you, feel free to email us before submitting your documents. Let’s make sure your return is accurate and maximized! 💼✨

02/14/2026

📣 To Our Valued Clients:

We want to share a quick reminder regarding refunds that include the Earned Income Credit (EIC) and/or the Child Tax Credit (CTC).
Due to the PATH Act (which applies every year), the IRS is required to hold these refunds for additional review. Returns claiming these credits are typically held until mid-February.
Per IRS guidelines, these returns should begin moving into active processing on Tuesday the 17th.
If you are checking your refund status and see a message indicating a “delay in processing,” please don’t be alarmed — this is normal and happens each year as part of the IRS review process.
As always, we appreciate your patience and are here if you have questions. 😊

01/20/2026

IR-2025-128, Dec. 29, 2025 — The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026.

01/14/2026

⏰ Friendly Reminder for our Valued Business Owners

Have you submitted your 1099 and W-2 requests yet?

Please send them in as soon as possible so forms can be processed and distributed to your employees and contractors by February 2.

Submitting early helps avoid delays and last-minute stress.

📩 Message us or email if you have questions—we’re happy to help!

12/25/2025

We want to wish you and your family a very Merry Christmas, Happy Holidays and the best wishes for a New Year!

12/18/2025

On a lighter note, here is a bit of fun news for our pet lovers!🐱🐰🐶 Would you like to claim your pet as a dependent?

Attorney Amanda Reynolds argues that her golden retriever, Finnegan, relies entirely on her for food and medical care.

12/09/2025

Hello Valued Clients,
We hope you’re enjoying a wonderful holiday season! ✨
Please be sure to check your email—our 2026 Engagement Letters along with a Tax Deadlines & Guidance Sheet are on their way to you for review.
As always, if you have any questions or need assistance, we’re here to help.

11/10/2025

IR-2025-107, Oct. 23, 2025 — The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2025-08 regarding the dollar threshold for filing Form 1099-K under the One, Big, Beautiful Bill.

10/01/2025

https://www.irs.gov/newsroom/treasury-irs-issue-guidance-listing-occupations-where-workers-customarily-and-regularly-receive-tips-under-the-one-big-beautiful-bill

IR-2025-92, Sept. 19, 2025 — The Department of the Treasury and the Internal Revenue Service today provided guidance on “no tax on tips” provision. The One, Big, Beautiful Bill proposed regulations identify occupations customarily and regularly receive tips and define “qualified tips” elig...

09/18/2025

📢 Tax Update: The One Big Beautiful Bill (OBBB)

Two key provisions will impact reporting and money transfers:
📑 1099 Reporting Rules
The controversial $600 Form 1099-K threshold is repealed.
Old rules return: third-party networks must issue 1099-Ks only if payees have 200+ transactions AND $20,000+ in payments.
1099-MISC & 1099-NEC threshold rises from $600 → $2,000, starting with 2026 forms (sent in 2027). Indexed annually for inflation.
💸 New 1% Excise Tax on Remittances (2025+)
Applies to money transfers abroad by noncitizens.
Exempt: U.S. citizens, permanent residents, and transfers via most U.S. bank accounts, credit cards, and debit cards.
Paid by the sender, collected by the money transfer provider.
✅ Bottom line: OBBB eases tax form reporting burdens but introduces a new remittance tax aimed at overseas money transfers.

09/16/2025

📢 Tax Update: The One Big Beautiful Bill (OBBB)

Two major areas are impacted: private colleges & businesses
🎓 Private Colleges (starting 2026)
Excise tax on investment income rises to 1.4%, 4%, or 8%
Rate depends on value of non-education-related assets per full-time student
💼 Business Tax Breaks – Most Made Permanent
✔️ 20% Qualified Business Income Deduction
Applies to self-employeds, independent contractors, farmers, landlords & owners of pass-throughs (S corps, partnerships, LLCs)
Slightly enhanced under OBBB
✔️ Bigger Expensing & Depreciation
Section 179 expensing: up to $2.5M (phases out over $4M)
100% bonus depreciation revived for new & used assets (20 years or less)
100% deduction for qualified production property (temporary, with guardrails)
✔️ R&D Costs
Domestic R&D → full expensing or 5-year amortization
Foreign R&D → 15-year amortization
✔️ Business Debt
Interest deduction expanded—ATI figured without depletion, depreciation & amortization (after 2024)
✔️ Other Permanent Incentives
Qualified Opportunity Zones (expanded)
Paid family & medical leave credit
New Markets Tax Credit
Low-Income Housing Tax Credit (increased)
⚠️ ERC Refunds: Some filers may face delays, and abusive ERC promoters face steep penalties.
✅ Bottom line: OBBB tightens rules for wealthy colleges while making business tax breaks broader and more permanent.