Tennessee Department of Revenue Updates Various Tax Manuals
The Tennessee Department of Revenue recently updated various tax manuals and released a brief overview of the substantive updates.
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IRS Provides Additional Guidance for Advanced Energy Projects
The Department of the Treasury and the IRS recently issued Notice 2023-44 to provide more details for applicants seeking section 48C credit allocations in the qualifying advanced energy project credit allocation program under the Inflation Reduction Act.
View MoreTennessee Department of Revenue Lowers Aviation Fuel Tax Cap
The Tennessee Department of Revenue has recently issued Important Notice #23-13 regarding the aviation fuel tax cap in Tennessee.
View MoreIRS Reduces Backlog, Plans To Resume Collection Notices
The IRS recently posted an update stating it has processed all paper and electronic individual returns received prior to January 2023 and is now opening mail within normal time frames.
View MoreTennessee Department of Revenue Issues Notice on Taxability of Hemp-derived Cannabinoids
The Tennessee Department of Revenue has recently issued Important Notice #23-12 regarding the taxability of hemp-derived cannabinoids.
View MoreHSA Amounts Increase for 2024
The IRS recently released Rev. Proc. 2023-23, issued pursuant to Sec. 223(g), announcing that the maximum contribution to a health savings account and certain associated amounts will be higher in 2024.
View MoreIRS Submits Report to Congress on Direct File Option
The IRS recently submitted a report to Congress evaluating a Direct File option for taxpayers and is taking steps to begin a pilot project for the 2024 filing season following a directive from the Treasury Department.
View MoreTennessee Department of Revenue Issues Notices on Tennessee Works Tax Act Changes
The Tennessee Department of Revenue has recently issued Important Notices #23-04 through #23-11 regarding changes made by the Tennessee Works Tax Act (SB275/HB323), which was passed in April by the Tennessee General Assembly.
View MoreIRS and Treasury Issue Proposed Regulations on Rules for Repatriation of Intangible Property
The IRS and the U.S. Department of the Treasury recently issued proposed regulations REG-124064-19 regarding rules for certain repatriations of intangible property.
View MoreIRS Returns to In-person Public Hearings for Proposed Regulations
The IRS and the U.S. Treasury Department recently issued Announcement 2023-16, stating that the IRS will return to in-person public hearings for proposed regulations with a telephone option available.
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