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Franchise and Excise Tax Due Date Extended for More Counties Affected by December 2021 Storms

February 3, 2022 The Tennessee Department of Revenue recently extended the franchise and excise tax filing and payment deadlines to May 16, 2022, for four additional counties impacted by severe weather on Dec. 10-11, 2021.

Legislation Introduced to Change Tax Rules for Cryptocurrency Purchases

February 3, 2022 A group of lawmakers recently introduced bipartisan legislation to create a framework for taxing purchases made with cryptocurrency.

IRS Reassigns Employees to Help Address Backlog

February 3, 2022 The IRS recently announced that it is reassigning employees who used to process tax returns and related paperwork back to their old jobs for the next eight months to help address the agency’s backlog that began during the start of the pandemic.

TSCPA Applauds Lawmakers for Signing Bipartisan Letters Calling for Taxpayer and Tax Preparer Relief from the IRS

February 2, 2022 Tennessee Society of Certified Public Accountants applauds the five members of the Tennessee Congressional delegation who joined many of their colleagues in signing bipartisan letters to the Treasury Department urging it to improve this year’s tax filing season process.

IRS Updates List of Automatic Accounting Method Changes

February 1, 2022 The IRS recently issued Rev. Proc. 2022-14, updating the list of accounting method changes that are available automatically.

IRS Issues Child Tax Credit 2021 Filing Season FAQs

February 1, 2022 The IRS recently released 2021 filing season frequently asked questions on the expanded Child Tax Credit to assist taxpayers in preparing their tax year 2021 tax returns.

IRS Says Online Accounts Have Most Up-to-Date Advance Child Tax Credit Amounts

February 1, 2022 The IRS is advising taxpayers to look to their IRS Online Account for the most up-to-date amounts of the advance Child Tax Credit to include on their tax returns instead of the amounts in the letters it has been sending.

Taxpayer Advocate Coalition Releases Statement on IRS Actions Offering Limited Taxpayer Relief

January 28, 2022 The Tax Professionals United for Taxpayer Relief Coalition has released a statement in response to recent actions by the IRS to suspend “some notices to taxpayers” for the upcoming tax filing season.

IRS Launches New Identity Verification Process for Accessing Online Accounts

January 27, 2022 The IRS has recently implemented a new identity verification process for taxpayers who want to access their online accounts and self-help tools.

IRS Issues Regulations Affecting Owners of Foreign Stock

January 24, 2022 The IRS recently issued final regulations (T.D. 9960) regarding the treatment of domestic partnerships for purposes of determining amounts included in the gross income of their partners with respect to foreign corporations.