Treasury Department Issues Proposed Regulations on Foreign Tax Credit Rules
The U.S. Treasury Department recently issued proposed regulations REG-112096-22 concerning the foreign tax credit.
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The Tax Implications of H.R. 5376: Inflation Reduction Act of 2022
The Inflation Reduction Act of 2022 was signed into law by President Biden on Aug. 16. Interestingly, this Act began its journey into becoming law under a completely different name and year. The Act was originally introduced to the House of Representatives in September 2021 as the Build Back Better bill.
View MoreTennessee Department of Revenue Notice Changes Lewis County Local Tax Rate
The Tennessee Department of Revenue recently issued Important Notice #22-15, changing the local tax rate in Lewis County.
View MoreTreasury and IRS Expand Program for Approving Certain Retirement Plans
The U.S. Treasury Department and IRS recently announced the expansion of one of their programs for approving retirement plans.
View MoreTennessee Department of Revenue Expands Farm Equipment and Machinery Exemption
The Tennessee Department of Revenue recently issued Important Notice #22-14, expanding the farm equipment and machinery sales and use tax exemption.
View MoreIRS Sets April 18 as Tax Deadline for 2023
The IRS recently announced that the deadline to file and pay federal income taxes or request an automatic six-month extension will be Tuesday, April 18, 2023.
View MoreIRS Offers New Process for Anonymous Reporting of Employee Retention Credit Mills
The IRS recently revealed it is offering a new way to submit anonymous reports regarding third-party vendors promoting improper claims for the employee retention credit that was implemented in response to the COVID-19 pandemic.
View MoreIRS Pilots Program To Improve Practitioner Priority Service® Line
The IRS has launched a pilot program utilizing speech recognition on its Practitioner Priority Service® (PPS) phone line.
View MoreIRS Issues 2023 Retirement Account Inflation Adjustments
The IRS recently announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.
View MoreIRS Announces Inflation Adjustments for Tax Year 2023
The IRS recently released Revenue Procedure 2022-38, announcing the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
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