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Collins, Barr & Hembree, Ltd.

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United States
Madison, MS
Collins, Barr & Hembree, Ltd.

Collins, Barr & Hembree, Ltd. is licensed in MS and specializes in Accounting. We are professional, experienced, and affordable.

We offer a broad range of services for business owners, executives, and independent professionals.

11/07/2025

Investors willing to make long-term investments in economically distressed communities have a tax incentive for doing so: the Qualified Opportunity Zone (QOZ) program. It allows investors to defer the tax (and potentially ultimately reduce it) on recognized capital gains by reinvesting those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in QOZs. The IRS has issued guidance on two QOZ program-related provisions of the One Big Beautiful Bill Act: the definition of “rural area” and the application of the substantial improvement threshold for certain improvements to property in a QOZ located entirely in a rural area. Contact us at (601) 707-7536 for more information.

11/05/2025

Your business can claim a tax credit for qualified expenses paid or incurred when providing child care for employees. Beginning in 2026, the One Big Beautiful Bill Act increases the percentage of qualified expenses that can be taken into account for purposes of claiming the employer-provided child care credit. It also increases the maximum credit. Contact us at (601) 707-7536 with questions.

11/04/2025

Are you suffering from “retirement sprawl?” You might be if you’ve switched jobs several times and left 401(k) plan accounts behind. You may even have a few traditional or Roth IRAs out there. Over time, having many accounts can make managing and tracking retirement investments increasingly difficult. So it’s time to round up those accounts and consolidate them! Contact us at (601) 707-7536 for advice on avoiding negative tax consequences in the process.

11/03/2025

Fraud often hides in plain sight. Some red flags to watch for include reporting delays, unexplained cash shortages, missing inventory, inconsistent financial reports, duplicate payments and vendors you don’t recognize. You may also notice employees who resist sharing responsibilities, override company policies or avoid taking vacations. Don’t ignore your instincts. We can help investigate financial anomalies, identify weak controls and recover losses. Call us at (601) 707-7536 to strengthen your internal controls and gain peace of mind.

10/31/2025

Being prepared for disasters is always important. But the IRS warns that you should also be on the alert for an uptick in scams aimed both at survivors and those who donate to help them. Scammers often sweep in after a disaster to solicit donations. They may pose as employees of federal agencies or legitimate charities. In many cases, they ask for donations by gift cards, cash or wire transfers. Scammers may also set up bogus websites with names similar to real charities and make false claims that your donations are tax-deductible. Contact us at (601) 707-7536 with questions about charitable gifts. Use the IRS's Tax Exempt Organization Search tool to verify a charity’s status and learn more details here: https://bit.ly/4pgYYiS

10/29/2025

If you own a life insurance policy, a portion of its proceeds could be lost to estate tax if your estate exceeds the gift and estate tax exemption amount. If you don’t own the policy, the proceeds won’t be included in your taxable estate. Using an irrevocable life insurance trust (ILIT) can keep life insurance policies out of your estate. An ILIT owns one or more policies on your life, and it manages and distributes policy proceeds according to your wishes. You aren’t allowed to retain any powers over the policy, such as the right to change the beneficiary. Contact us at (601) 707-7536 for details.

10/28/2025

Looking to reduce your tax bill and benefit a family member? If you have appreciated or dividend-producing investments, consider transferring them to an adult child in the 0% long-term capital gains tax bracket. Your son or daughter may be able to sell those assets and pay no federal tax on the gains or receive dividends free of federal tax. This strategy can be powerful, but it comes with some fine print. Let’s talk about how it could work in your situation. Contact us at (601) 707-7536.

10/27/2025

The chart of accounts is the foundation of a company’s bookkeeping. It organizes every dollar that comes in or goes out. But if your chart is cluttered, inconsistent or poorly structured, your financial reports will be, too. Clear account groupings, consistent labels and alignment with your reporting goals are essential for meaningful financial insights. Contact us at (601) 707-7536 to help design a chart of accounts tailored to your business. We’ll make it detailed enough to guide decision-making, but simple enough to stay manageable.

10/24/2025

Does your business incur research and experimentation (R&E) expenses? The One, Big, Beautiful Bill Act reinstates the immediate deduction for research activities conducted in the United States, beginning in 2025. Before the new law was enacted, R&E expenses had to be capitalized and amortized over five years, beginning on or after Jan. 1, 2022. What if you began to amortize R&E expenses in 2022, 2023 and/or 2024? You can deduct the remaining amount on your 2025 return or split it between your 2025 and 2026 returns, rather than continuing to amortize over what remains of the five-year period. Contact us at (601) 707-7536 with questions.

10/22/2025

It’s time to take control of your tax bill! As the year winds down, smart businesses ramp up tax planning. The 4th quarter is your chance to make moves to lower your 2025 tax bill. For example, buy qualifying equipment and put it into service before year-end to take advantage of depreciation deductions, which due to recent tax law changes are now even better. Accelerate or defer income depending on your projected tax bracket for this year and next. These are only a couple of the strategic steps you can take. Contact us at (601) 707-7536 to schedule a year-end tax planning session.

10/21/2025

Sponsoring a qualified retirement plan is a tried-and-true way to help attract and retain employees. Among the most popular options is a 401(k). Your business’s contributions are tax deductible, and you may be able to use matching and a vesting schedule to encourage employees to stay with your company. But 401(k)s come in many varieties. Please contact us at (601) 707-7536 for help choosing the right one for your business (or another type of retirement plan).

10/20/2025

A strong personal financial strategy isn’t just about numbers. It’s about peace of mind. We can help you achieve it with tax strategies that maximize savings, retirement planning that fits your goals, and estate planning that protects your legacy. Ready to build a more secure future? Contact us at (601) 707-7536.

Address

130 Fountains Boulevard
Madison, MS
39110

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Telephone

+16017077536

Website

https://www.cbhcpas.com/

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