TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue (DOR) and the Tennessee Department of Labor & Workforce Development (DOL) at the State Tax Liaison meeting on Dec. 4, 2024. The State Tax Committee meets semi-annually with officials to stay up to date on tax trends and regulatory changes and discuss issues impacting […]
TSCPA State Tax Liaison Meeting Summary Read More »
TSCPA Council, the governing body of the society, met for its interim meeting on Nov. 7, 2024, at the TSCPA office. Council is composed of the board of directors, the president of each chapter, 60 delegates elected by TSCPA chapters and all past chairs of TSCPA. All members of the society are entitled to attend meetings of council, which generally
Report From the Interim Meeting of Council Read More »
By: Beth Howard, Ph.D., CPA Insufficient retirement savings is a dilemma facing a significant portion of American families, particularly lower- and middle-income families. Many of these individuals are not covered by employer-sponsored retirement plans and are not likely to contribute to Individual Retirement Accounts (IRAs). The saver’s tax credit is intended to encourage these individuals to begin
By: Dr. Amelia Hart, CPA, and Steve Sledge, CPA In line with the timeline in its evolving technical agenda, FASB has recently completed the proposal of several Accounting Standards Updates (ASUs). This article sheds some light on proposed ASUs released during the latter half of 2024 that readers should be aware of as we begin
Reviewing Proposed ASUs as We Begin 2025 Read More »
The IRS recently released Rev. Proc. 2025-16, issuing lower depreciation limitations for passenger automobiles. This is the first time the limits have been decreased in at least three years. The revenue procedure covers the Sec. 280F(a) inflation-adjusted dollar limitations on depreciation deductions for passenger automobiles, including trucks and vans, acquired after Sept. 27, 2017, and
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The IRS recently issued Notice 2025-7, which provides temporary relief to allow eligible taxpayers to use alternative methods to make adequate identification of digital asset units that are sold, disposed of or transferred during the 2025 relief period. The notice applies to adequate identification, within the meaning of Regs. Sec. 1.1012-1(j)(3)(ii), of digital assets held in
IRS Allows Alternative Methods for Identification of Digital Assets Read More »
https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-tropical-storm-helene-in-tennessee-various-deadlines-postponed-to-may-1-2025