HCJ CPAs & Advisors | audit * tax * consulting

The IRS is going through what you might call an identity crisis. Thousands of employees have been laid off right in the middle of tax season, including auditors, tech staff, and even customer service reps. Throw in yet another commissioner swap and a partial reset on their...

The One Big Beautiful Bill Act (OBBBA) recently introduced substantial changes in the realm of estate and gift tax planning. These changes present new opportunities for taxpayers. The legislation modifies critical aspects of the estate tax exclusion, making long-term planning both more urgent and more...

In the swirling complexities of tax legislation, even well-intentioned provisions can seem like offers of relief that arrive weighed down with restrictions. The OBBBA provision, which allows taxpayers to deduct up to $10,000 of interest paid on passenger vehicle loans, is poised to be one...

The Economy Feels Mixed — and That’s Okay If you’ve read the headlines lately, you know the signals are…confusing.  GDP is strong.  Interest rates may be heading lower.  Inflation is easing, but not “gone.”  Tariffs are making imports more expensive.  So is the economy strong? Slowing? Recovering?...

Starting a business is more than revenue and expenses—it's about knowing what you truly own, what you owe, and what your venture is worth. That’s where a balance sheet comes in: a snapshot that tells the story of your business’s financial condition in a single...

Few things can rattle a business owner faster than seeing “Internal Revenue Service” on an envelope. The instinct is to panic. But the truth? An IRS notice doesn’t automatically mean you’ve done something wrong.  In 2025, notices are more common than ever. Many are generated automatically...

Section 529 plans are tax-advantaged savings plans designed to encourage saving for future education costs. They are legally known as "qualified tuition plans" and are sponsored by states, state agencies, or educational institutions. With rising education expenses, these plans offer a valuable option for families...

The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent reinstatement under the "One Big Beautiful Bill...

Let’s get one thing straight: Scammers are not slowing down. They’re getting slicker, faster, and disturbingly good at sounding like someone you trust—especially now that AI can mimic voices, emails, and even your tax pro’s writing style. The IRS sees it too. That’s why, every year, they publish...