An entrepreneur starting a new enterprise is faced with an immediate and crucial choice: In what legal form should the new business be created?
TCJA Expiration Effects on the Future of S Corp Read More »
Updated Jan. 9, 2024: This news release has been updated to include Cheatham, Gibson, and Stewart counties. The IRS recently announced it is providing tax relief for individuals and businesses in parts of Tennessee affected by severe storms and tornadoes that began on Dec. 9. These taxpayers now have until June 17, 2024, to file various
IRS Offers Tax Relief to Tennessee Taxpayers Impacted by December Storms Read More »
The U.S. Department of Labor recently announced a final rule intended to help employers and workers better understand when a worker qualifies as an employee and when they may be considered an independent contractor under the Fair Labor Standards Act.
Department of Labor Issues Final Rule on Worker Classification Read More »
With tax season rapidly approaching, the IRS is reminding employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government.
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.
IRS Offers Tax Relief to Tennessee Taxpayers Impacted by December Storms Read More »
The IRS recently announced that it will begin accepting and processing 2023 tax year returns on Monday, Jan. 29, 2024.
IRS Announces 2024 Tax Filing Season To Begin Jan. 29 Read More »
Recall I reported earlier in the year that the IRS issued IR-2022-183 warning against third parties improperly computing the ERC. Then, the IRS issued a “renewed warning” in IR-2023-40 warning about promoters who aggressively mislead people and businesses into thinking they can claim these credits.
IRS Intensifies Efforts To Combat ERC Scams – Consider Getting a “Second Opinion” Read More »
Internal Revenue Service (IRS) procedures seem to be outdated due to a lack of technology. On a good day, one can call the IRS and only wait on hold for an hour or two before speaking to an agent who may request a form be faxed. A tax professional may have spent half their workday by the time the situation is resolved or a plan of action has been established.
IRS Modernization – Preparing Clients Read More »
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue at the State Tax Liaison meeting on June 7.
TSCPA State Tax Liaison Meeting Summary Read More »
Rep. David Kustoff (R-TN) and Rep. Judy Chu (D-CA) recently introduced the bipartisan, bicameral Filing Relief for Natural Disasters Act in the U.S. House of Representatives. Sen. Marsha Blackburn (R-TN), Sen. Catherine Cortez Masto (D-NV), Sen. John Kennedy (R-LA), and Sen. Chris Van Hollen (D-MD) introduced the companion bill in the Senate.