IRS Warns About Fake Payroll Direct Deposit, Wire Transfer and W-2 Scam Emails
The IRS is warning tax professionals about an uptick in phishing emails involving payroll direct deposit, wire transfer and W-2 scams.
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IRS Issues Standard Mileage Rates for 2019
The Internal Revenue Service recently issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
View MoreTNTAP Business and F&E Updates
The Department of Revenue has important updates about business tax and franchise and excise tax. This includes information about new account numbers, consolidation and other filing tips.
View MoreFASB Issues Narrow-Scope Improvements to Accounting for Lessors
The Financial Accounting Standards Board recently issued an Accounting Standards Update expected to reduce lessor’s implementation and ongoing costs associated with applying the new leases standard.
View MoreIRS Provides Guidance on Parking Fringe Expenses and Unrelated Business Taxable Income, Penalty Relief to Tax-Exempt Organizations
The Internal Revenue Service recently issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income.
View MoreIRS Provides Guidance on Stock Options and Restricted Stock Units Tax Benefit for Private Corporations’ Employees
The Internal Revenue Service recently issued Notice 2018-97, offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax for up to five years on the value of qualified stock options and restricted stock units granted to them by their employers.
View MoreIRS Announces Interest Rate Increase for the First Quarter of 2019
The Internal Revenue Service recently announced that interest rates will increase for the calendar quarter beginning Jan. 1, 2019.
View MoreInflation Adjustments and Tax Tables for 2019
The Internal Revenue Service recently announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
View MoreNew Firm Permit Renewal Requirement: Peer Review Firm Number
The Tennessee State Board of Accountancy is now requiring that firms enrolled in the peer review program provide a Peer Review Firm Number on the firm permit renewal application for 2018.
View MoreLease Accounting: Simplifying the Discount Rate Debacle
Discount rates are one of the new data points that need to be captured when implementing the new lease accounting standard. The guidance for non-public companies is more lenient than that for public companies, but it will require significant consideration as the adoption date quickly approaches.
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