Tax News

After thorough review, the Tennessee Department of Revenue has decided to accept Schedule G refund claims until Monday, Dec. 2. The department has updated its Schedule G refund webpage to announce this new deadline, as well as added a banner in TNTAP to alert taxpayers. In addition, the department is planning to send reminder letters to taxpayers […]

https://www.irs.gov/newsroom/irs-opens-new-process-for-payroll-companies-third-party-payers-to-help-clients-resolve-incorrect-claims-for-the-employee-retention-credit

https://www.irs.gov/newsroom/irs-provides-an-update-to-frequently-asked-questions-for-the-premium-tax-credit

The IRS recently issued final regulations T.D. 9991 on the statutory requirement that the basis of property acquired from a decedent be consistent with the basis reported on the estate tax return, finalizing regulations proposed eight years ago (REG-127923-15). The final regulations dealing with the statutory consistent-basis requirement impact recipients of property acquired from a decedent if

https://www.irs.gov/newsroom/irs-issues-proposed-regulations-for-corporate-alternative-minimum-tax

The Tennessee Department of Revenue recently announced it has developed a special procedure regarding franchise tax property measure (Schedule G) refunds. The procedure is available for taxpayers with a Schedule G tax base that is higher than Schedule F net worth if they have already filed or plan to file their 2023 franchise tax return without