IRS Issues Guidance on State Tax Payments
The IRS recently issued Notice 2023-56 providing guidance on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals.
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Tennessee Department of Revenue Issues Sales and Use Tax Exemption for Firearm Safes and Safety Devices
The Tennessee Department of Revenue has recently issued Important Notice #23-16 regarding a permanent sales and use tax exemption for firearm safes and firearm safety devices.
View MoreIRS Announces Administrative Transition Period for New Roth Catch-up Requirement
The IRS recently announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and similar retirement plans must be designated as after-tax Roth contributions.
View MoreIRS Provides Guidance for Electronic Filing Exemptions and Waivers
The IRS recently issued Notice 2023-60, providing guidance regarding how to request religious exemptions, hardship waivers and other administrative exemptions from electronic filing requirements included in final regulations (T.D. 9972) issued in February.
View MoreProposed Regulations Identify Certain Monetized Installment Sales as Listed Transactions
The U.S. Department of the Treasury and the IRS recently issued proposed regulations identifying certain monetized installment sale transactions and substantially similar transactions as listed transactions.
View MoreFinal Regulations Allow Assessment of Erroneous COVID-19-related Tax Credit Refunds
The U.S. Department of the Treasury and the IRS recently issued final regulations T.D. 9978 allowing the assessment of erroneous COVID-19-related tax credit refunds.
View MoreIRS To Address Employee Retention Credit Fraud Risk
With the IRS making progress in its ongoing effort related to Employee Retention Credit claims, the agency said it has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing.
View MoreIRS Offers Foreign Tax Credit Relief
The IRS recently issued Notice 2023-55, announcing temporary relief for taxpayers in determining whether a foreign tax is eligible for the Foreign Tax Credit under Internal Revenue Code Sections 901 and 903.
View MoreIRS Ends Unannounced Revenue Officer Visits
As part of a larger transformation effort, the IRS recently announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers.
View MoreState Reminds Tennesseans of Upcoming Sales Tax Holidays
Tennessee's traditional sales tax holiday on clothing, school supplies and computers, as well as the state’s new sales tax holiday on food and food ingredients, begin on July 28 and Aug. 1, respectively.
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