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The U.S. Department of the Treasury and the IRS recently issued Revenue Procedure 2021-33, providing a safe harbor allowing employers to exclude certain amounts from gross receipts solely for determining eligibility for the Employee Retention Credit.
View MoreThroughout the pandemic and following natural disasters, TSCPA and the AICPA worked to extend tax filing deadlines. When extensions were announced at the federal level, TSCPA worked quickly with the Tennessee Department of Revenue to make sure state tax filing deadlines were also extended accordingly. One of the extensions passed by the 112th Tennessee General Assembly was for the Tennessee franchise and excise tax.
View MoreThe U.S. Department of the Treasury and the IRS recently issued Notice 2021-49, providing further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before Jan. 1, 2022, and additional guidance on miscellaneous issues that apply to the credit in both 2020 and 2021.
View MoreThe IRS recently updated its FAQs on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.
View MoreThe IRS recently released Notice 2021-46, providing additional guidance to employers, health insurers and health plan administrators on how to provide laid-off employees temporary assistance paying for COBRA continuation coverage and claim a refundable tax credit.
View MoreThe IRS recently launched a new feature that will give taxpayers digital control over who can represent them or view their tax records, a groundbreaking step in the agency's expansion of electronic options for taxpayers and tax professionals.
View MoreThe Department of the Treasury and the IRS recently issued Notice 2021-41, extending the Continuity Safe Harbor for taxpayers developing renewable energy projects affected by the COVID-19 pandemic.
View MoreThe IRS recently released two new sets of FAQs to assist families and small and mid-sized employers in claiming credits under the American Rescue Plan.
View MoreThe Tennessee General Assembly has approved three sales tax holidays for 2021, which include the traditional three-day weekend for back-to-school supplies, an added week-long break on food tax, and a year-long opportunity to save on gun safety equipment.
View MoreThe Tennessee Department of Revenue has announced changes to TNTAP, Tennessee’s tax filing website.
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