Consistent with the IRS decision, the Tennessee Department of Revenue extended the franchise and excise tax filing and payment to June 8 for businesses located in a designated disaster area resulting from Winter Storm Fern. The Department cannot automatically extend due dates for other taxes; however, the Department will approve, on a case-by-case basis, extension requests […]
Tax professionals across Tennessee should be aware of federal tax relief measures granted in response to Winter Storm Fern, which began on January 22, 2026. The Internal Revenue Service (IRS) announced extensions and penalty relief until June 8 for affected individuals and businesses in all 95 Tennessee counties. Visit the IRS website for more information.
Download the Issue In this issue: Private Equity Versus ESOP Ownership in CPA Firms: Two Roads to Capital, Growth and Control AI in Accounting: From Risk to Revenue Are you Prepared for the Cost of a Data Security Incident ASU 2025-12: A Deeper Dive AI’s Boom and the Impact on Stagflation 2026 Day on the
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A Major Disaster Declaration was approved for the state of Tennessee for the severe winter storms on Jan. 22-27, 2026. Per the FEMA website, all Tennessee counties are currently authorized for “Public Assistance.” This event meets the IRS definition of a “Disaster Loss” because the disaster is federally declared, and the counties are eligible for assistance. Under Internal Revenue Code Section 165(i), taxpayers who
Private Equity Versus ESOP Ownership in CPA Firms: Two Roads to Capital, Growth and Control By Gary Thomson, Thomson Consulting In the past few years, CPA firm ownership conversations have shifted from routine to genuinely engaging—maybe not “exhilarating,” but certainly more complex and consequential than before. What once felt like a narrow set of choices
Are you prepared for the cost of a data security incident? Responding to a data security incident is typically more extensive, complex and expensive than you might expect. Is your firm prepared? By Sarah Beckett Ference, CPA, Risk Control Director, CNA Another day, another cyber incident. One does not have to search hard to find a
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AI’s Boom and the Impact on Stagflation Journal readers know that I have repeatedly warned that we are in a 1970s style stagflationary period – defined as stagnant economic growth with high inflation. I formulated my thesis prior to the massive data center spending binge, so it makes sense to revisit the outlook with that
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AI in Accounting: From Risk to Revenue By Jon Hilton, AI Practice Leader, LBMC Artificial intelligence (AI) is no longer a theoretical conversation for the accounting profession. It is a practical, revenue-impacting reality. The problem firms face today is not a lack of interest in AI, but a growing gap between rising demand, constrained talent,
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ASU 2025-12: A Deeper Dive Background In December 2025, the Financial Accounting Standards Board (“FASB” or “the Board”) finalized ASU 2025-12, Codification Improvements.[1] This ASU resulted from the FASB’s standing “evergreen” project begun in 2010 that addresses stakeholder suggestions for incremental improvements to U.S. generally accepted accounting principles (U.S. GAAP). The ASU codifies various improvements
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TSCPA sent a letter to the Secretary of the Department of Education Linda McMahon urging the department to update its language regarding accounting in the list of professional degrees. TSCPA suggests the Department revise the definition of “professional degree” in 34 CFR 685.102 or 34 CFR 668.2(b) of “Reimagining and Improving Student Education” (Document ID ED2025OPE0944) to either include “accounting” in the definition or retain