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Tennessee Department of Revenue Issues Sales and Use Tax Exemption for Firearm Safes and Safety Devices

August 30, 2023 The Tennessee Department of Revenue has recently issued Important Notice #23-16 regarding a permanent sales and use tax exemption for firearm safes and firearm safety devices.

FASB Issues New Chapter of Its Conceptual Framework on Recognition and Derecognition

August 30, 2023 The Financial Accounting Standards Board recently issued a new chapter of its Conceptual Framework related to the recognition and derecognition of an item in financial statements.

Call to Action: Beneficial Ownership Information Reporting Deadline

August 29, 2023 Together with the AICPA, TSCPA is urging society members to contact their members of U.S. Congress to support the delay in implementation of Beneficial Ownership Information reporting requirements.

IRS Announces Administrative Transition Period for New Roth Catch-up Requirement

August 25, 2023 The IRS recently announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and similar retirement plans must be designated as after-tax Roth contributions.

SEC Adopts Amendments to Exemption From National Securities Association Membership

August 23, 2023 The Securities and Exchange Commission recently adopted rule amendments that narrow the exemption from Section 15(b)(8) of the Securities Exchange Act of 1934.

FASB Issues Standard on Accounting for Joint Venture Formations

August 23, 2023 The Financial Accounting Standards Board recently issued an Accounting Standards Update intended to (1) provide investors and other allocators of capital with more decision-useful information in a joint venture’s separate financial statements and (2) reduce diversity in practice in this area of financial reporting.

FASAB Issues Exposure Draft on Reporting of Federal Oil, Gas and Other Natural Resource Information

August 22, 2023 The Federal Accounting Standards Advisory Board recently announced it is seeking input on the exposure draft of a proposed Statement of Federal Financial Accounting Standards titled Omnibus Amendments: Amending Statements of Federal Financial Accounting Standards 38, 49, and Technical Bulletin 2011-1.