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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.

11/21/2025

The IRS has announced its annual inflation-adjusted income tax brackets and other amounts. For 2026, the highest rate (37%) will apply to taxable income over $640,600 for singles and heads of households ($768,700 for married couples filing jointly and $384,350 for married taxpayers filing separately). The standard deduction is increasing to $16,100 for singles and married taxpayers filing separately ($32,200 for married couples filing jointly and $24,150 for heads of households). Single filers age 65 or older will be eligible to take an additional deduction of $2,050 ($1,650 per spouse for married filers). Alternative minimum tax exemptions and adoption credits are among the other items that have been adjusted for 2026. Contact us at (601) 707-7536 if you have questions about the impact of inflation adjustments on your tax situation.

11/19/2025

Like race car drivers, business owners need to keep their eyes on certain gauges as they look to outpace the competition. Another term for such gauges is key performance indicators (KPIs). These measurements allow you to track your business’s performance in a wide variety of contexts. We can help you choose the optimal KPIs for your operations and strategic goals. Please contact us at (601) 707-7536.

11/18/2025

Estate tax laws are complex, and failing to plan could mean leaving your loved ones with less than what you’d expected. Now is the time to take action by reviewing your estate plan, updating beneficiary designations, and exploring strategies such as gifting or establishing trusts that may help minimize tax exposure. Every situation is unique, and the right approach depends on your family’s needs, assets and long-term goals. Contact us at (601) 707-7536 to ensure that your estate is structured in the most tax-efficient way possible.

11/17/2025

Starting in 2025, the cap on state and local tax (SALT) deductions increases from $10,000 ($5,000 for married couples filing separately) to $40,000 ($20,000 for separate filers). If your 2026 property taxes have already been assessed, prepaying them in 2025 could help you maximize your 2025 deduction. But keep in mind that the cap is reduced for taxpayers with modified adjusted gross incomes over $500,000 ($250,000 for separate filers). Let us help you determine how to incorporate the increased SALT deduction limit into your tax planning. Call us at (601) 707-7536.

11/14/2025

Taxpayers involved in a dispute with the IRS may want to consider using one of the IRS’s alternative dispute resolution (ADR) mediation programs. These programs can help taxpayers efficiently resolve tax issues with the IRS. Taxpayers for whom mediation can be a good option include those who don’t have many disputed issues or who’re seeking an early resolution to issues under audit. Mediation doesn’t replace the audit or collection processes. The IRS’s Independent Office of Appeals has five ADR programs: Fast Track Settlement, Fast Track Mediation Collection, Post Appeals Mediation, the Rapid Appeals Process and Early Referral. Call us at (601) 707-7536 for details if you have a tax dispute with the IRS.

11/12/2025

For cash-based businesses, meticulous recordkeeping is essential. Because cash transactions are harder to verify, they increase the risk of underreporting income and attracting IRS scrutiny. The IRS closely monitors such businesses, using tools like cash flow analysis, bank deposit comparisons and lifestyle audits to estimate actual income. If discrepancies arise, the IRS may calculate your income based on estimates, potentially resulting in higher taxes than necessary. Contact us for help with your business at (601) 707-7536.

11/11/2025

A revocable trust (sometimes known as a “living trust”) can provide significant benefits. They include the ability to avoid probate for the assets the trust holds and to facilitate the management of your assets in the event you become incapacitated. To obtain these benefits, you must fund the trust by transferring the title of assets to it. Assets not held by your revocable trust may be subject to probate and will be beyond the trustee’s control in the event you become incapacitated. Contact us at (601) 707-7536 with questions about the financial and tax aspects of your estate plan.

11/10/2025

Navigating tax law can be complex. But you don’t have to do it alone. Whether you’re filing as an individual taxpayer or running a business, we can provide solutions tailored to you. Contact us at (601) 707-7536 for help ensuring tax compliance and maximizing tax savings.

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.

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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