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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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.
The Tennessee Department of Revenue has issued Notice #26-09 to alert taxpayers and practitioners to upcoming changes in how the U.S. Postal Service (USPS) applies postmarks, which could affect whether mailed tax filings are considered timely. Effective December 24, 2025, USPS postmarks will generally reflect the date an item is first processed at a postal
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Tax professionals across Tennessee should be aware of federal and state tax relief measures granted in response to Winter Storm Fern, which began on January 22, 2026. Both the Internal Revenue Service (IRS) and the Tennessee Department of Revenue have announced extensions and penalty relief until May 22 for affected individuals and businesses in designated
https://www.fasb.org/news-and-meetings/in-the-news/fasb-improves-guidance-on-purchased-loans-423314
FASB Improves Guidance on Purchased Loans Read More »
By: Dr. Amelia Hart, CPA, and Steve Sledge, CPA Turning the Page to the FASB’s Next Chapter The Financial Accounting Standards Board (FASB) is looking ahead to what is next as many of its current projects are near the Final Accounting Standards Update (ASU) milestone. Seven proposed updates are projected to be finalized by Dec. 31, 2025. If completed
Finalizing Standards, Fresh Direction: The FASB’s Evolving Agenda Read More »
Norwalk, CT—July 30, 2025—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that improves guidance on the measurement of credit losses for accounts receivable and contract assets. https://www.fasb.org/news-and-meetings/in-the-news/fasb-issues-standard-that-improves-measurement-of-credit-losses-for-accounts-receivable-and-contract-assets-422498
By: Dr. Amelia Hart, CPA, and Steve Sledge, CPA Building on the preceding article,1 we suggest in this article that periods of uncertainty should not be immediately overwhelmed with efforts to provide answers, but rather, they should be met with questions. Taking time to ask questions is a pathway to understanding a company’s or client’s unique
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https://gasb.org/news-and-meetings/in-the-news/gasb-provides-guidance-to-assist-stakeholders-with-application-of-its-pronouncements-422168
GASB Provides Guidance to Assist Stakeholders With Application of Its Pronouncements Read More »