April 27, 2023
The Tennessee General Assembly recently passed the Tennessee Works Tax Act (SB275/HB323), approving more than $400 million in tax cuts and marking one of the largest tax cuts in state history.
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April 18, 2023
The IRS and the U.S. Departments of Labor and Health and Human Services have jointly issued frequently asked questions regarding how COVID-19-related relief measures will change when the officially declared Public Health Emergency ends.
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April 14, 2023
The Tennessee Department of Revenue has recently updated its general Voluntary Disclosure Agreement guidance.
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April 11, 2023
Tennessee counties affected by the March 31 and April 1 severe storms (Cannon, Hardeman, Hardin, Haywood, Lewis, Macon, McNairy, Rutherford, Tipton and Wayne) have received tax deadline extensions to July 31, 2023, from the IRS for various federal deadlines and the Tennessee Department of Revenue for the franchise and excise deadline.
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April 6, 2023
The IRS recently published its strategic operating plan, detailing the agency’s plans for spending the $80 billion it received in funding over the next decade from the Inflation Reduction Act of 2022.
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April 4, 2023
The IRS recently issued revised Form 8940, Request for Miscellaneous Determination, and its instructions to allow electronic filing.
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April 4, 2023
The IRS recently issued Notice 2023-29, describing certain rules the IRS intends to include in forthcoming proposed regulations for determining what constitutes an energy community for the production and investment tax credits provided under the Inflation Reduction Act.
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March 31, 2023
The IRS recently issued a proposed regulation related to certain requirements that must be met for critical minerals and battery components for the new clean vehicle credit, as well as updated the FAQs for the clean vehicle credits.
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March 30, 2023
The IRS recently issued Revenue Ruling 2023-02, intended to reduce the abuse of stepped-up basis adjustments in irrevocable grantor trusts.
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March 22, 2023
The IRS recently revised frequently asked questions for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet FS-2023-06.
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