Tax News

Basis-Shifting Transaction-of-Interest Regulations To Be Removed

Tax News /

The U.S. Department of the Treasury and the IRS recently announced the intent to remove basis-shifting transaction-of-interest (TOI) regulations. Published in Notice 2025-23, the announcement states that the Treasury and the IRS intend to publish a notice of proposed rulemaking to remove Regs. Sec. 1.6011-18 from the income tax regulations. Regs. Sec. 1.6011-18 were issued in […]

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Tennessee Department of Revenue: Extensions for April Storms To Be Issued on a Case-by-Case Basis

Tax News /

As a result of the severe storms, straight-line winds, tornadoes and flooding that began on April 2, 2025, the Federal Emergency Management Agency (FEMA) issued a disaster declaration for the entire state of Tennessee. The IRS extended various federal due dates to Nov. 3, 2025, for taxpayers located in the disaster area. Consistent with the

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An Update on the Federal Disaster Relief Act and Qualified Disaster Losses

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By: Emily Cokeley, Ph.D., CPA, and Lingting Jiang, Ph.D., CPA In recent years, there have been numerous natural disasters in Tennessee and neighboring states, leading to substantial economic losses. Disaster losses impose significant financial burdens on individuals and businesses. The U.S. tax code provides relief through casualty loss deductions, special tax provisions and legislative acts

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2025: The Year Ahead

Members Only, Tax News /

By: Shelby Follis, CPA, and Emily Cokeley, Ph.D., CPA The curtains have closed on 2024 with the election completed, Tennessee Schedule G refund claims filed, and engagement letters for 2024 tax returns underway. Tax practitioners are gearing up for the busy season ahead. Many clients will be asking how to plan for tax changes affecting

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