Tennessee Department of Revenue Provides Details on Upcoming TNTAP Changes
The Tennessee Department of Revenue has announced changes to TNTAP, Tennessee’s tax filing website.
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IRS Issues Guidance on Premium Assistance and Tax Credit for Continuation Health Coverage
The IRS recently issued Notice 2021-31 providing guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985.
View MoreIRS, Treasury Announce Child Tax Credit Automatic Payments to Begin July 15
The IRS and Treasury Department recently announced that the first monthly payment of the expanded and newly-advanceable Child Tax Credit from the American Rescue Plan will be made on July 15.
View MoreTax Deadline Extension to Aug. 2 for Victims of Tennessee Disasters
Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced that victims of severe storms, straight-line winds, tornadoes and flooding that began March 25, 2021 now have until Aug. 2, 2021 to file various individual and business tax returns and make tax payments.
View MoreIRS Grants Dyed Diesel Fuel Penalty Relief Due to Disruptions of the Fuel Supply Chain
In response to disruptions of the fuel supply chain, the IRS recently announced it will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and the District of Columbia.
View MoreIRS Issues Guidance on Taxability of Dependent Care Assistance Programs for 2021, 2022
The IRS recently issued Notice 2021-26, providing guidance on the taxability of dependent care assistance programs for 2021 and 2022.
View MoreAmerican Rescue Plan Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines
The IRS and Treasury Department recently announced further details of tax credits available under the American Rescue Plan Act of 2021 to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.
View MoreTennessee Department of Revenue Provides Updates to Excise Tax Deductions and Guidance on Payments Received Under Tennessee Business Relief Program and Supplemental Employer Grant Program
The Tennessee Department of Revenue recently provided an update to excise tax deductions as well as updated guidance on payments received under the Tennessee Business Relief Program and the Supplemental Employer Grant Program.
View MoreBill to Postpone Estimated Tax Due Date to be Introduced in Congress
Rep. Lloyd Smucker, R.-Pa., recently announced he will introduce a bill that would postpone the due date for first quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021.
View MoreIRS Suspends Requirement to Repay Excess Advance Payments of the 2020 Premium Tax Credit
The IRS recently announced that taxpayers with excess advance payments of the Premium Tax Credit for 2020 are not required to file Form 8962, Premium Tax Credit, or report an excess advance Premium Tax Credit repayment on their 2020 Form 1040 or Form 1040-SR, Schedule 2, Line 2, when they file.
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