Tennessee General Assembly Approves Two Sales Tax Holiday Weekends for 2020
The Tennessee General Assembly has announced it has approved two separate sales tax holiday weekends for the year 2020 only.
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Treasury, IRS Announce July 15 Tax Deadline to Remain with Automatic Filing Extension Available
The Treasury Department and IRS recently announced the tax filing and payment deadline of July 15 will not be postponed, but individual taxpayers unable to meet the due date can request an automatic extension of time to file until Oct. 15.
View MoreIRS Extends July 15 Deadlines and Provides Other Relief for Victims of Tennessee Storms
The IRS has announced taxpayers affected by the April tornadoes and severe storms in Tennessee will have until Oct. 15, 2020, to file various individual and business tax returns and make payments.
View MoreIRS Provides Relief to Help Retirement Plan Participants Affected by COVID-19
The IRS recently released Notice 2020-50 to help retirement plan participants affected by COVID-19 take advantage of CARES Act provisions providing enhanced access to plan distributions and plan loans.
View MoreTreasury, IRS Provide Safe Harbor for Taxpayers Developing Renewable Energy Projects
The Treasury Department and IRS recently announced they are providing relief for taxpayers developing renewable energy projects.
View MoreTreasury, IRS Issue Final Regulations on Relief for Certain Tax-Exempt Organizations
The Department of the Treasury and IRS recently issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations.
View MoreIRS Provides Guidance on Deductibility and Reporting of Certain Amounts Paid to, or at the Direction of, Governments
The IRS recently issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) providing guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.
View MoreIRS Provides Tax Relief for Taxpayers with Section 125 Cafeteria Plans
The IRS recently released guidance to allow temporary changes to section 125 cafeteria plans to extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs as well as allow taxpayers to make mid-year changes.
View MoreIRS Releases Guidance on Non-Deductibility of PPP-Related Expenses
The IRS recently released guidance via Notice 2020-32 stating taxpayers that receive a loan through the PPP can’t deduct expenses that are normally deductible if those expenses were reimbursed by a PPP loan that was subsequently forgiven.
View MoreIRS, Treasury Issue Guidance for Applying UBTI "Silo" Rules for Tax-Exempt Organizations
The Treasury Department and IRS recently issued proposed regulations under the Tax Cuts and Jobs Act providing guidance on calculating UBTI for tax-exempt organizations subject to the unrelated business income tax with more than one unrelated trade or business.
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