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In the wake of Tropical Depression Nicholas and Hurricane Ida, bipartisan legislation has been introduced in the U.S. Senate to allow the IRS to postpone tax filing deadlines when a state-level disaster declaration is issued.
View MoreThe U.S. Treasury Department and IRS recently issued Notice 2021-53, which provides guidance to employers about reporting on Form W-2 the amount of qualified sick and family leave wages paid to employees for leave taken in 2021.
View MoreThe coronavirus pandemic continues to cause many hardships to people everywhere, with CPAs and financial professionals being just as impacted. On Sept. 7-8, AICPA, TSCPA and several partner organizations are launching a social media campaign to encourage individuals to share their stories.
View MoreFollowing the recent disaster declaration issued by FEMA, the IRS announced that Tennessee victims of Severe Storms and Flooding that occurred on Aug. 21, 2021, now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments.
View MoreIn March 2021, this credit was extended through Dec. 31, 2021, and expanded as part of the American Rescue Plan Act of 2021.
View MoreThe IRS recently issued Rev. Proc. 2021-34, which updates the list of accounting method changes to which automatic change procedures apply.
View MoreThe IRS recently issued Notice 2021-43, which provides transition relief to certain employers claiming the Work Opportunity Tax Credit.
View MoreThe 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.
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