Tax News

Moving from Principles to Implementation In part one of this two-part article, we discussed the risks, characteristics, and capabilities of generative artificial intelligence (GenAI) as identified in Committee of Sponsoring Organizations (COSO)’s February 2026 publication, Achieving Effective Internal Control Over Generative AI (GenAI). We also provided a high-level overview of how each internal control component

This story was originally published in Accounting Today. Visit the Accounting Today website for the story.  President Trump signed into law a bill extending the federal tax deduction for qualified disaster-related personal casualty losses and the exclusion from gross income of qualified wildfire relief payments. Previously, taxpayers affected by a federally declared disaster could generally

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

Federal Tax Filing and Payment Deadlines  The IRS extended tax filing and payment deadlines to June 8 for individuals and businesses in all 95 Tennessee counties affected by Winter Storm Fern. Check the IRS website for details.    State Tax Filing and Payment Deadlines  The Tennessee Department of Revenue extended franchise and excise tax deadlines to June 8 for