HKMP

From all of us at HKMP, we extend our warmest wishes for a peaceful and prosperous holiday season!

We look forward to continuing to support your growth in the New Year. Happy Holidays!

The best way to enjoy the holiday festivities? Knowing you’ve already taken care of business. ✨

Before you fully unplug for the season, this week is the critical time for a final year-end financial check-up.

HKMP’s Mid-December Checklist:
- Charitable Giving: Ensure donations are made by 12/31 to count for this tax year.
- Harvest Losses: Review your portfolio for opportunities to offset capital gains.
- Max Out Contributions: Check if you have room left in your 401(k) or IRA.

If you need a last-minute review, reach out to the HKMP team and have a great holiday season!

IRS outlines details for Trump accounts

IRS outlines details for Trump accounts The IRS released initial details on Trump accounts, a new type of IRA for some children. Also, a billionaire business executive pledged $6.25 billion to provide 25 million children with a $250 contribution to a Trump account.

This Thanksgiving, we’re grateful for the trust our clients place in us and the dedication of our HKMP team that makes it all possible.

Whether supporting businesses through growth, navigating challenges, or planning for the future, we’re honored to be part of your journey.

Wishing you and your loved ones a season filled with gratitude, reflection, and connection.

Happy Thanksgiving from all of us at HKMP.

Planning for 2026? The IRS is raising your 401(k) and IRA contribution limits for 2026.

This includes higher employee limits, larger catch-up contributions, and expanded eligibility through adjusted income phase-outs. If retirement planning is on your radar, this update is worth a look: https://www.msn.com/en-us/money/taxes/the-irs-is-raising-your-401k-and-ira-contribution-limits-for-2026/ar-AA1QnS8W?ocid=socialshare

Read the full IRS announcement: https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500



D𝑖𝑠𝑐𝑙𝑎𝑖𝑚𝑒𝑟: 𝑇ℎ𝑖𝑠 𝑝𝑜𝑠𝑡 𝑖𝑠 𝑓𝑜𝑟 𝑔𝑒𝑛𝑒𝑟𝑎𝑙 𝑖𝑛𝑓𝑜𝑟𝑚𝑎𝑡𝑖𝑜𝑛 𝑝𝑢𝑟𝑝𝑜𝑠𝑒𝑠 𝑜𝑛𝑙𝑦 𝑎𝑛𝑑 𝑑𝑜𝑒𝑠 𝑛𝑜𝑡 𝑐𝑜𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑒 𝑡𝑎𝑥 𝑜𝑟 𝑙𝑒𝑔𝑎𝑙 𝑎𝑑𝑣𝑖𝑐𝑒. 𝑃𝑙𝑒𝑎𝑠𝑒 𝑐𝑜𝑛𝑠𝑢𝑙𝑡 𝑎 𝑞𝑢𝑎𝑙𝑖𝑓𝑖𝑒𝑑 𝑎𝑑𝑣𝑖𝑠𝑜𝑟 𝑟𝑒𝑔𝑎𝑟𝑑𝑖𝑛𝑔 𝑦𝑜𝑢𝑟 𝑠𝑝𝑒𝑐𝑖𝑓𝑖𝑐 𝑐𝑖𝑟𝑐𝑢𝑚𝑠𝑡𝑎𝑛𝑐𝑒𝑠.

Today, we honor the courage and sacrifice of the men and women who have served in the U.S. Armed Forces.

Your dedication, integrity, and service embody the values we strive to uphold every day: commitment, accountability, and service to others.

From all of us at HKMP, thank you for your service and sacrifice.

In complex disputes, precision isn’t optional; it’s everything.

HKMP’s forensic accounting experts bring clarity to financial investigations, insurance claims, and litigation support.

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This Halloween, keep your finances free of fright with clear records, smart planning, and trusted advisors who ensure no surprises. From all of us at HKMP, wishing you a Happy Halloween! 🎃

“Treat Your Finances -- No Tricks” 🎃

This Halloween, treat your finances to a little extra attention, no tricks required.

From inflation-adjusted brackets to year-end planning, small steps now can lead to sweet savings next spring.

HKMP’s trusted advisors help you uncover every “treat” available to optimize your tax position before year-end.

Reach out today to make sure your return is all treat, no trick.

Bottom Line: What the New IRS Inflation Adjustments Mean for You

The IRS has announced its annual inflation updates for tax year 2026, impacting everything from standard deductions to income tax brackets and estate exclusions.
The takeaway?

- Slightly higher deductions and income thresholds mean less “bracket creep.”
- You’ll keep more of your income as the system adjusts for inflation.
- These updates apply to tax returns filed in 2027, but thoughtful planning starts now.

HKMP’s advisors are here to help you understand what these changes mean for your personal or business tax strategy.



D𝑖𝑠𝑐𝑙𝑎𝑖𝑚𝑒𝑟: 𝑇ℎ𝑖𝑠 𝑝𝑜𝑠𝑡 𝑖𝑠 𝑓𝑜𝑟 𝑔𝑒𝑛𝑒𝑟𝑎𝑙 𝑖𝑛𝑓𝑜𝑟𝑚𝑎𝑡𝑖𝑜𝑛 𝑝𝑢𝑟𝑝𝑜𝑠𝑒𝑠 𝑜𝑛𝑙𝑦 𝑎𝑛𝑑 𝑑𝑜𝑒𝑠 𝑛𝑜𝑡 𝑐𝑜𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑒 𝑡𝑎𝑥 𝑜𝑟 𝑙𝑒𝑔𝑎𝑙 𝑎𝑑𝑣𝑖𝑐𝑒. 𝑃𝑙𝑒𝑎𝑠𝑒 𝑐𝑜𝑛𝑠𝑢𝑙𝑡 𝑎 𝑞𝑢𝑎𝑙𝑖𝑓𝑖𝑒𝑑 𝑎𝑑𝑣𝑖𝑠𝑜𝑟 𝑟𝑒𝑔𝑎𝑟𝑑𝑖𝑛𝑔 𝑦𝑜𝑢𝑟 𝑠𝑝𝑒𝑐𝑖𝑓𝑖𝑐 𝑐𝑖𝑟𝑐𝑢𝑚𝑠𝑡𝑎𝑛𝑐𝑒𝑠.

Annual inflation adjustments announced for tax year 2026 The IRS published annual inflation adjustments for more than 60 tax provisions for tax year 2026, in addition to changes to the standard deduction for tax year 2025.

Thinking about a like-kind (1031) exchange? The Tax Adviser recently broke down how multi-property swaps, reverse exchanges, and year-end timing can make or break your deferral strategy (read the article).

At HKMP, we help clients structure exchanges that align with IRS rules and real-world deal flow. If you’re planning a sale or acquisition this quarter, let’s talk about the best strategy for your situation.

Consult with HKMP’s team today!



𝐷𝑖𝑠𝑐𝑙𝑎𝑖𝑚𝑒𝑟: 𝑇ℎ𝑖𝑠 𝑝𝑜𝑠𝑡 𝑖𝑠 𝑓𝑜𝑟 𝑔𝑒𝑛𝑒𝑟𝑎𝑙 𝑖𝑛𝑓𝑜𝑟𝑚𝑎𝑡𝑖𝑜𝑛 𝑝𝑢𝑟𝑝𝑜𝑠𝑒𝑠 𝑜𝑛𝑙𝑦 𝑎𝑛𝑑 𝑑𝑜𝑒𝑠 𝑛𝑜𝑡 𝑐𝑜𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑒 𝑡𝑎𝑥 𝑜𝑟 𝑙𝑒𝑔𝑎𝑙 𝑎𝑑𝑣𝑖𝑐𝑒. 𝑃𝑙𝑒𝑎𝑠𝑒 𝑐𝑜𝑛𝑠𝑢𝑙𝑡 𝑎 𝑞𝑢𝑎𝑙𝑖𝑓𝑖𝑒𝑑 𝑎𝑑𝑣𝑖𝑠𝑜𝑟 𝑟𝑒𝑔𝑎𝑟𝑑𝑖𝑛𝑔 𝑦𝑜𝑢𝑟 𝑠𝑝𝑒𝑐𝑖𝑓𝑖𝑐 𝑐𝑖𝑟𝑐𝑢𝑚𝑠𝑡𝑎𝑛𝑐𝑒𝑠.

Like-kind exchanges of real estate: Building on the basics Sec. 1031 like-kind exchanges enable tax deferral in complex real estate deals, including multi-property, reverse, and straddle exchanges.

Don’t let the Oct. 15 deadline sneak up on you.

Missing your 401(k) Plan audit deadline can cost you, literally.
· IRS penalties: Up to $250/day
· DOL penalties: Over $2,000/day

Avoid last-minute scrambles and costly errors. Partner with HKMP to ensure timely and accurate audits, maintaining full compliance.

Contact us to get ahead before the clock runs out or email us at [email protected].

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