IRS 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.
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Maximum 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.
View MoreIRS Issues Increased Passenger Auto Depreciation Limitations
The IRS recently released Rev. Proc. 2022-17, issuing higher new depreciation limitations for passenger automobiles.
View MoreIRS to Provide Relief to Qualifying Farmers and Fishermen Due to Technology Problems
The IRS recently issued Notice 2022-13, which provides a waiver of the addition to tax under section 6654 for underpayment of estimated income tax by qualifying farmers and fishermen.
View MoreIRS Revises 2021 Child Tax Credit and Advance Child Tax Credit Payments FAQs
The IRS recently updated its frequently asked questions on the 2021 Child Tax Credit and advance CTC payments.
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