July 24 Update: On July 24, the Filing Relief for Natural Disasters Act was signed into law by President Donald Trump. Introduced in the U.S. House of Representatives in January of this year, the legislation is cosponsored by Reps. David Kustoff, R-Tenn., and Judy Chu, D-Calif. It unanimously passed in the House at the end of March
Filing Relief for Natural Disasters Act Signed Into Law Read More »
By: Shelby Follis, CPA, and Emily Cokeley, Ph.D., CPA Qualified Opportunity Funds (QOFs) were first introduced by the 2017 Tax Cuts and Jobs Act, allowing taxpayers to defer capital gains by investing in low-income community tracts for an extended period as a method of promoting economic development in distressed areas. Any gains realized from the
Qualified Opportunity Funds: What Is To Come? Read More »
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue (DOR) and the Tennessee Department of Labor & Workforce Development (DOL) at the State Tax Liaison meeting on May 29. The State Tax Committee meets semi-annually with officials to stay up to date on tax trends and regulatory changes, as well as
TSCPA State Tax Liaison Meeting Summary Read More »
https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors
One Big Beautiful Bill Act: Tax deductions for working Americans and seniors Read More »
The IRS recently issued Notice 2025-36, declaring 83 pieces of guidance in the Internal Revenue Bulletin (IRB) to be obsolete. The notice was published in accordance with several executive orders issued by President Donald Trump earlier this year. Some of the obsoleted guidance includes rules from the 1970s regarding collapsible and noncollapsible corporations, guidance from the
IRS Obsoletes 83 Pieces of Guidance Read More »
On July 3, the U.S. House of Representatives passed H.R. 1, the One Big Beautiful Bill Act (OBBB), sending it to President Donald Trump for his signature. The House passed the version of the bill that was passed July 1 in the Senate, which included the Senate manager’s amendment. The bill was signed into law by the
Congress Passes One Big Beautiful Bill Act Read More »
https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday/sth-traditional.html
Tennessee Sales Tax Holiday To Be July 25-27 Read More »
https://www.tn.gov/content/dam/tn/revenue/documents/tax_manuals/june-2025/Tax-Manual-Updates.pdf
Tennessee Department of Revenue Updates Tax Manuals Read More »
https://www.tn.gov/content/dam/tn/revenue/documents/notices/business/bus25-12.pdf
Important Notice #25-12: Enactment of Business Tax – City of Burns Read More »
https://www.irs.gov/newsroom/irs-provides-additional-transition-relief-for-brokers-who-are-required-to-file-information-returns-and-backup-withhold-on-certain-digital-asset-sales