HBC CPAs

05/29/2026

Howard has officially clocked out. ⏱️

After another tax season in the books, our favorite porch goose is packed, lei'd up, and ready for wherever the wind takes him. He has earned it, and honestly, so have you.

Abingdon schools are out, summer is here, and we want to know: where are YOU headed this season? Drop your destination in the comments!

Whether you're beach-bound, mountain-hopping, or stay-cationing in the best region in Virginia, we hope it's a good one.

05/26/2026

New rule alert for high earners. 🚨

Starting January 1, 2026, if you're 50+ and made more than $150,000 last year, your catch-up retirement contributions must go in as Roth (after-tax) now, not pre-tax.

This applies to 401(k), 403(b), and 457(b) plans under the SECURE 2.0 Act.

What changes: no upfront tax break, but your money grows and withdraws tax-free in retirement. If your plan doesn't offer Roth, you may lose the ability to make catch-up contributions until it does.

Worth a conversation with your CPA before year-end. We're at firmcpa.com.

05/21/2026

From the soil up. 🌱

Agriculture isn't just an industry in Southwest Virginia — it's part of who we are. At HBC CPAs, we've been proud to call this region home since 1983, and serving the financial needs of agri-businesses has always been close to our roots.

Whether you're running a family farm, managing an agricultural operation, or growing something in between, our partners bring farm industry-specific expertise to help your business thrive — from tax planning and financial statements to business consulting and valuations.

Your land is your legacy. Let's make sure your finances are working as hard as you are.
📞 (276) 628-1123 | firmcpa.com

05/18/2026

You've worked hard for everything you have. An estate plan makes sure it goes exactly where you intend — to the people and causes you love.

At HBC CPAs, we sit down with you and your attorney to build a plan that minimizes taxes, protects your family, and reflects your wishes — even after you're gone. Whether you own a home, a business, a retirement account, or a collection of things that matter to you, a plan matters.

Don't leave those decisions to state law.

Let's talk.
📞 (276) 628-1123 | firmcpa.com

05/14/2026

At HBC CPAs, we believe a strong community takes care of its most vulnerable members, including the four-legged ones. 🐈 🐕

That is why we are proud to support Happy Tails Animal Rescue of Washington County, VA, a local rescue making a difference for animals in our region. If you are looking for a way to give back, check out what they are doing. And if you are already a supporter, you already know.

05/12/2026

Tax season may be behind us, but we never really clock out. ⏰

From bookkeeping and payroll to audits and business consulting, HBC CPAs is here all year long keeping the numbers honest and our clients sane.

Whatever your financial season looks like, we have got you covered.
🔗 Learn more at firmcpa.com.

05/07/2026

Artificial intelligence is reshaping more than just technology. It is reshaping the tax landscape too. 💵

The rapid rise of data center construction is creating a complex set of decisions for developers, investors, and their advisors. From entity structure to site selection to power sourcing, the early choices made on these projects can have lasting tax consequences.

⭐️ A few things worth knowing:
REITs have become a popular structure for data center investment, offering significant tax advantages when set up correctly. But the fit is not perfect. Asset qualification rules, related party rent traps, and equipment classification issues all require careful attention from the start.

Power and water access are now major operational and tax considerations. Solar energy sits on relatively firm ground under current rules. Nuclear and natural gas, increasingly seen as the next wave of data center power, do not.

Recent legislative developments are worth watching as well. The One Big Beautiful Bill Act restores 100 percent bonus depreciation, which matters enormously for capital-intensive projects. New Rural Opportunity Zone incentives offer enhanced basis step-ups for qualifying investments. And a proposed 30 percent tax credit for water reuse systems could benefit data center operators significantly.

This is a space where the tax picture is still being written. If you are involved in data center investment or development, now is the time to make sure your structure is sound.

Questions?

We are here to help. firmcpa.com | (276) 628-1123

Tax News May 2026 - Tax Considerations for Data Center Projects in the Age of AI Artificial intelligence is driving an unprecedented surge in data center construction. Developers, private equity sponsors and their tax advisors are navigating a complicated web of questions that touch everything from....

05/07/2026

🚨 Scam Alert 🚨

Receive a letter stating your refund could not be processed, but you did not have a refund from your tax return? Or maybe you did, and have already received it?

Taxpayers are receiving IRS CP53E refund notices in record numbers this year — and scammers are taking advantage of the confusion. These notices are generally sent when the IRS cannot process a direct deposit refund due to missing or incorrect banking information. However, fraudsters are now sending fake versions designed to steal sensitive data.

Here’s what to remember:
✔️ The IRS will not ask for banking details by text, email, or social media and will not ask you to update your banking information. If a direct deposit refund cannot be sent, they will mail a check.
✔️ Avoid clicking links or scanning QR codes from suspicious notices
✔️ Verify any IRS notice directly through your IRS online account at the official IRS website
✔️ If something seems off, contact your tax professional before responding

As tax scams become more sophisticated, staying cautious is one of the best ways to protect your identity and refund.

05/04/2026

May is a busy month for more than just spring cleaning. Here are some key tax deadlines to keep in mind before the month gets away from you:

✔︎ May 11: Report April tip income of $20 or more to your employer using Form 4070.
✔︎ May 15: Exempt organizations must file Form 990, 990-EZ, or 990-PF, or submit Form 8868 to request a six-month extension.
✔︎ May 15: Small exempt organizations (gross receipts of $50,000 or less) file Form 990-N online.
✔︎ May 15: Federal employment tax deposit due for April payroll.

Questions?
We are happy to walk you through any of it.
Visit firmcpa.com or call us at (276) 628-1123.

May the Fourth Be With You! 🔦

04/30/2026

Since 1983, HBC CPAs has been more than just an accounting firm — we've been your neighbors. From Washington County businesses to nonprofits doing good in our region, we're proud to be the team you can actually call.

📞 No runaround. No jargon. Just real help from real people who care. 💙