Preparing for an ERC Audit? Six Key Questions IRS Will Ask
By Sonny Grover, CPA; Darren Guillot; and Rick Meyer, CPA, MBA, MST
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Tax News
IRS Revenue Procedure 2024-13
This revenue procedure provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2024; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2024.
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IRS Employer-Provided Childcare Tax Credit page helps employers determine eligibility for up to $150,000 business tax credit
The Internal Revenue Service announced the launch of a new page on IRS.gov explaining the Employer-Provided Childcare Tax Credit, an incentive for businesses to provide child care services to their employees.
IRS Revises and Updates Form 1099-K FAQs
In an effort to provide more resources for taxpayers during this filing season, the IRS recently revised frequently asked questions for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet 2024-03.
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Tennessee Department of Revenue Issues Tax Filing Extensions for Victims of December 2023 Storms
The Tennessee Department of Revenue has recently issued Important Notice #24-01 regarding tax filing extensions for those affected by the Dec. 9, 2023, tornadoes and storms in parts of Tennessee.
BOI Reporting and Unauthorized Disclosure Penalties Increased
The Financial Crimes Enforcement Network has announced that inflation adjustments have significantly increased civil monetary penalties for violating the beneficial ownership information reporting rules and for the unauthorized disclosure or use of BOI.
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Treasury and IRS Announce Delay of Reporting of Digital Assets as Cash
The U.S. Treasury Department and the IRS recently issued Announcement 2024-4 informing businesses they do not have to report the receipt of digital assets the same way they must report the receipt of cash until the Treasury and IRS issue regulations.
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How To Help Your Clients Understand Their 1099-K and the Ever-changing Thresholds
Although there have not been many tax law changes this year, one tax policy change being implemented this year is sure to cause confusion for a plethora of our clients. That change is the new reporting requirements for the 1099-K.
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TSCPA State Tax Committee Liaison Meeting Report – Dec. 6, 2023
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue (TDOR) and the Secretary of State’s office and received a legislative update from Senator Kerry Roberts. The committee meets semi-annually with various state departments to discuss state tax issues and other topics of importance to Tennessee CPAs. TDOR Overview There has been
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IRS Offers Tax Relief to Tennessee Taxpayers Impacted by December Storms
The IRS announced that tax relief has been provided for individuals and businesses in parts of Tennessee affected by severe storms and tornadoes that hit parts of Tennessee in early December 2023.
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