IRS to Send Letters Related to Qualified Opportunity Funds
The IRS recently announced that taxpayers who may need to take additional actions related to Qualified Opportunity Funds should begin receiving letters in the mail in April.
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Tennessee Department of Revenue Issues Update to Alcohol Tax
The Tennessee Department of Revenue recently issued Important Notice #22-02, eliminating the requirement that every distiller, rectifier, vintner and importer selling distilled spirits or wine to licensed wholesalers send the Department duplicate sales invoices.
View MoreIRS Proposes Regulations to Revise Premium Tax Credit’s Affordability Test
The IRS recently issued proposed regulations regarding the determination of the affordability of employer-sponsored health care coverage for purposes of a premium tax credit.
View MoreIRS Temporarily Changes U.S. Residency Application Policy
The IRS recently announced that it has initiated a temporary change in policy for U.S. residency applications in an effort to help the agency deal with its backlog.
View MoreMaximum Educator Expense Deduction Rises to $300 in 2022
The IRS is reminding teachers and other educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year.
View MoreTSCPA Thanks Members of Congress for Urging Additional Relief for Taxpayers and Practitioners
As we move closer to federal filing deadlines, the Tennessee Society of CPAs continues to push for meaningful relief for taxpayers and practitioners from the IRS.
View MoreIRS Revises Third-Round Economic Impact Payment FAQs
The IRS recently updated its frequently asked questions on the third-round Economic Impact Payment.
View MoreIRS Revises 2020 Unemployment Compensation Exclusion FAQs
The IRS recently revised its frequently asked questions on 2020 unemployment compensation exclusion.
View MoreIRS Updates Guidance on Disclosure of Tax Information of Government Employees
The IRS recently released Revenue Ruling 2022-7, updating the rules for the tax return disclosure restrictions for government employees in accordance with the Taxpayer First Act of 2019.
View MoreReminder: Franchise and Excise Tax Due Date Extended for Counties Affected by December 2021 Storms
Tax professionals are reminded that the Tennessee Department of Revenue extended the franchise and excise tax filing and payment deadlines to May 16, 2022, for 13 counties impacted by severe weather on Dec. 10-11, 2021.
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