Emily Ritchart

IRS simplifies penalty relief, introduces automatic process for eligible taxpayers

Tax News, TSCPA News /

Issue Number: IR-2026-83 The IRS announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance. The new Automatic Exemption from Penalty (AEP) will replace the long-standing First Time Abate administrative relief beginning in summer of 2026 and […]

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Information Regarding Kwong v. United States

Regulatory News, TSCPA News /

The 2025 decision from the U.S. Court of Federal Claims in Kwong v. United States (Kwong) clarified how mandatory tax relief provisions under former Section 7508A(d) apply to the postponement of tax and payment deadlines during federally declared disasters, specifically the COVID-19 pandemic. In Kwong, the taxpayer sought penalty abatements for specific tax years, but

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AICPA Urges Families to Learn the Basics of “Trump Accounts” Before Contributing

For the Public, Legislative News, TSCPA News /

Washington, D.C. (June 26, 2026) – The American Institute of CPAs (AICPA) is encouraging families to educate themselves about new “Trump Accounts,” officially known as Section 530A accounts, so they can make informed investment choices for their children’s future. July 4 marks the official launch date, when the accounts become fully active investment accounts – allowing families to begin

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Tennessee Department of Revenue Tax Changes

TSCPA News /

The Tennessee Department of Revenue releases notices regarding upcoming tax revenue changes. Please visit  www.tn.gov/revenue for more information regarding the tax changes. Notice #26-15: Proof of Citizenship or Lawful Presence Required for Motor Vehicle Registration Effective Jan. 1, 2027, Public Chapter 954 (2026) requires an applicant for initial motor vehicle registration that requires a license

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National Accounting Day: What Trust Looks Like in Action

TSCPA News /

National Accounting Day, celebrated on May 19, offered an opportunity to recognize the essential role CPAs play in strengthening businesses, communities, and the public trust. This year, the celebration goes beyond recognition—it becomes a collective moment to show the impact of the profession in a powerful, visible way. The AICPA launched an interactive digital mosaic,

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AI at the IRS – What It Means for Practitioners

Legislative News /

AI is Already Influencing Enforcement In March 2026, the Government Accountability Office (GAO) released its report “Artificial Intelligence: IRS Actions Needed to Address Skills Gaps, Information Quality and Strategic Management,” which examined how the Internal Revenue Service (IRS) is using and developing artificial intelligence. The findings confirm something that many practitioners have suspected for a

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Generative Artificial Intelligence (“AI”) Frequently Asked Risk Management Questions (“FAQ”) on CAMICO’s Advisory Hotline

Uncategorized /

This FAQ document is not intended to be used or relied upon as a substitute for a firm’s compliance with applicable professional standards nor is it intended to be a substitute for seeking legal advice. CAMICO presents this FAQ guide for reference purposes only to highlight common policyholder inquiries regarding the risk management implications of

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High-Impact Automation Opportunities for Modern Accounting Firms

Uncategorized /

Accounting firms are facing increasing pressure to streamline their operations, reduce manual workloads, and enhance client service. What are your high-impact automation opportunities? With a focus on professional education and technical training for financial professionals, your firm will be well-positioned to leverage automation to improve efficiency and scalability. Here are three key automation opportunities that

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Six Audit-Ready Controls for Form 5471/8992/8993 Automation in the One Big Beautiful Bill Era

Uncategorized /

Errors in preparing and complying with international tax documents often emerge subtly and surface during the audit process. For the 2025-26 fiscal year, guidance on the transition to the One Big Beautiful Bill Act (Notices 2025-72, 2025-75 and 2025-77), along with revised Form 5471 instructions (Rev. Dec. 2025), is prompting many companies and accountants to

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