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The IRS recently stated that eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom.
View MoreAs we start the new year, hopefully fresh from all the tax drama, we can at least take a deep breath and rejoice about some COVID-19 tax relief. On Sunday, Dec. 27, 2020, the president signed into law what is called the Consolidated Appropriations Act (CAA), a combination of COVID-19 relief along with many other provisions amongst the 5,593 pages.
View MoreThe IRS recently explained how corporations may qualify for the new 100 percent limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.
View MoreThe IRS urges employers to take advantage of the newly extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
View MoreThe IRS recently announced that the tax filing season will begin on Friday, Feb. 12, 2021, when the agency will begin accepting and processing 2020 tax year returns.
View MoreThe Treasury Department and IRS recently issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program.
View MoreWith feedback from tax practitioners in mind, the Tennessee Department of Revenue has updated its procedures for managing the Tennessee franchise and excise tax (F&E) accounts of taxpayers who fail to select the “final” box on their last return.
View MoreDue to the ongoing pandemic the IRS experienced a delay in mailing some notices that were to be issued between Nov. 9 and Nov. 23.
View MoreThe Tennessee Department of Revenue recently issued Notice #20-21 regarding the taxability of hemp and nicotine products.
View MoreThe IRS recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans.
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