Articles | Tennessee Society of CPAs

IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claims; sending up to 30,000 letters to address more than $1 billion in errant claims

August 15, 2024 The Internal Revenue Service announced today a limited time reopening of the Voluntary Disclosure Program to help businesses fix incorrect Employee Retention Credit claims as the agency continues compliance work.

IRS Issues Updates to Individual and Business Transcripts

August 8, 2024 The IRS recently announced that as of July 26, 2024, Get Transcripts tools on IRS.gov have been removed.

IRS moves forward with Employee Retention Credit claims: Agency accelerates work on complex credit as more payments move into processing; vigilance, monitoring continues on potentially improper claims

August 8, 2024 The Internal Revenue Service announced today additional actions to help small businesses and prevent improper payments in the Employee Retention Credit (ERC) program, including accelerating more payments and continuing compliance work on the complex pandemic-era credit that was flooded with claims following misleading marketing.

Tennessee Department of Revenue Publishes 2024 Legislative Summaries

August 5, 2024 Each year, the Tennessee Department of Revenue publishes brief summaries of the legislative changes to statutes administered by or affecting the department.

Treasury, IRS issue updated guidance on required minimum distributions from IRAs, other retirement plans; generally retains proposed rules

July 18, 2024 The Department of the Treasury and the Internal Revenue Service today issued final regulations updating the required minimum distribution (RMD) rules.

Tennessee Property Measure (Schedule G) Refund Claims

July 15, 2024 The 2024 spring tax season proved to be more challenging than Tennessee taxpayers anticipated, with major changes not only lingering at the federal level but on the Tennessee franchise and excise tax return as well.

TSCPA State Tax Liaison Meeting Summary

July 15, 2024 TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue and the Tennessee Department of Labor & Workforce Development at the State Tax Liaison meeting on June 6.

Annual Sales Tax Holiday Happening July 26-28

July 11, 2024 Save the date and save! The State of Tennessee’s annual sales tax holiday weekend will take place Friday, July 26 through Sunday, July 28.

Treasury and IRS announce final regulations on how to report and pay the corporate stock repurchase excise tax

June 28, 2024 The Department of the Treasury and the Internal Revenue Service today issued final regulations that provide taxpayers and tax professionals with guidance on how to report and pay the 1 percent excise tax owed on corporate stock repurchases.

Treasury, IRS issue final regulations requiring broker reporting of sales and exchanges of digital assets that are subject to tax under current law, additional guidance to provide penalty relief, address information reporting and other technical issues

June 28, 2024 The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency.

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