TSCPA News

= Member Only

Filter by Category:

All Featured (27) For the Public (149) Tax News (485) Accounting & Auditing (235) Business & Industry News (141) Regulatory News (116) Legislative News (55) Chapter News (40) Young CPAs (82) Students (101) TSCPA Press Releases (81)

Showing : 391–400 of 485

Employee Retention Credit Extended Through June 30, 2021

January 27, 2021 The 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.

IRS Delays Tax Filing Season to Begin Feb. 12

January 15, 2021 The 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.

IRS and Treasury Department Issue Guidance Allowing Deductions for Eligible PPP Expenses

January 6, 2021 The 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.

TN Department of Revenue Updated F&E Tax Filing Procedure

January 6, 2021 With 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.

Mailing of IRS Notices Delayed Due to Ongoing Pandemic

December 14, 2020 Due to the ongoing pandemic the IRS experienced a delay in mailing some notices that were to be issued between Nov. 9 and Nov. 23.

Tennessee Department of Revenue Issues Notice on Taxability of Hemp and Nicotine Products

December 9, 2020 The Tennessee Department of Revenue recently issued Notice #20-21 regarding the taxability of hemp and nicotine products.

IRS Provides Guidance on Legislation That Increases Automatic Enrollment Cap Percentage and Eases Burdens for Certain Safe Harbor Plans

December 9, 2020 The 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.

UPDATE: Employee Retention Credit Available for Businesses Impacted by COVID-19

November 19, 2020 The Treasury Department and IRS have launched the Employee Retention Credit to encourage businesses to keep employees on their payroll.

IRS Provides Guidance on Certain Distributions From Terminating 403(b) Plans

November 13, 2020 The Department of the Treasury and IRS recently issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts.

IRS Provides Certainty Regarding Deductibility of Payments by Partnerships and S Corporations for State and Local Income Taxes

November 12, 2020 The IRS recently issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations regarding the deductibility of payments by partnerships and S corporations for state and local income taxes.