IRS Releases FAQs on Taxability and Reporting of Payments from Coronavirus State and Local Fiscal Recovery Funds
The IRS recently released frequently asked questions and answers regarding Coronavirus State and Local Fiscal Recovery Funds.
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All Featured (28) For the Public (147) Tax News (468) Accounting & Auditing (227) Business & Industry News (134) Regulatory News (112) Legislative News (49) Chapter News (36) Young CPAs (75) Students (97) TSCPA Press Releases (75)Showing : 321–330 of 468
IRS Issues Guidance on Per Diem Rates and Temporary 100 Percent Deduction for Food or Beverages from Restaurants
The IRS recently issued Notice 2021-63 to make clear how the temporary 100 percent business deduction for food or beverages from restaurants applies to taxpayers applying the rules of Revenue Procedure 2019-48 for using per diem rates.
View MoreIRS Provides Tax Inflation Adjustments for Tax Year 2022
The IRS recently announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
View MoreInfrastructure Bill Tax Provisions Include Early ERC Termination
The early termination of the employee retention credit and the requirement of broker reporting of cryptoasset transfers are two tax provisions of H.R. 3684, the Infrastructure Investment and Jobs Act, which passed the House of Representatives last Friday.
View MoreIRS Issues Guidance Regarding Cost-of-Living Adjustments Affecting Dollar Limitations for Retirement-Related Items for 2022
The IRS recently issued Notice 2021-61 stating technical guidance regarding all cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2022.
View MoreTennessee Department of Revenue Erroneously Assessed Some Taxpayers Affected by March Storms
Due to a system issue, the Tennessee Department of Revenue erroneously assessed some taxpayers affected by the March 2021 storms who were granted deadline extensions under important notice #21-07.
View MoreIRS Releases Reporting Guidance for Partnership Interests Held in Connection With the Performance of Services
The IRS recently posted a set of FAQs detailing reporting directions for certain passthrough entities and taxpayers reporting of partnership interests held in connection with the performance of services.
View MoreIRS Helps Employers Wanting to Rehire Retirees or Retain Employees After Retirement Age
To help address COVID-related labor shortages, the IRS is reminding employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan’s normal retirement age.
View MoreIRS Reminds Tax Return Preparers to Renew PTINs by Dec. 31 for 2022
The IRS is reminding federal tax return preparers that all current Preparer Tax Identification Numbers will expire on Dec. 31, so tax return preparers must renew their PTINs for 2022.
View MoreTennessee Department of Revenue to Hold Webinar on Sales Tax Returns on Oct. 26
The Tennessee Department of Revenue will offer a free webinar covering how to file Tennessee sales tax returns on Oct. 26 at 9 a.m. Central Time.
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