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Legislative Update May/June 2026
The 2026 legislative session of the Tennessee General Assembly concluded on April 25. Since the session began on January 13, TSCPA’s lobbying team reviewed proposed legislation and held our annual Day on the Hill. The General Assembly focused on the key priorities of education, public safety, healthcare, infrastructure, and the state budget. As required by the Constitution, the General Assembly…
AI at the IRS – What It Means for Practitioners
AI is Already Influencing Enforcement In March 2026, the Government Accountability Office (GAO) released its report “Artificial Intelligence: IRS Actions Needed to Address Skills Gaps, Information Quality and Strategic Management,” which examined how the Internal Revenue Service (IRS) is using and developing artificial intelligence. The findings confirm something that many practitioners have suspected for a while: AI is no longer…
Generative Artificial Intelligence (“AI”) Frequently Asked Risk Management Questions (“FAQ”) on CAMICO’s Advisory Hotline
This FAQ document is not intended to be used or relied upon as a substitute for a firm’s compliance with applicable professional standards nor is it intended to be a substitute for seeking legal advice. CAMICO presents this FAQ guide for reference purposes only to highlight common policyholder inquiries regarding the risk management implications of using Generative Artificial Intelligence. CAMICO…
High-Impact Automation Opportunities for Modern Accounting Firms
Accounting firms are facing increasing pressure to streamline their operations, reduce manual workloads, and enhance client service. What are your high-impact automation opportunities? With a focus on professional education and technical training for financial professionals, your firm will be well-positioned to leverage automation to improve efficiency and scalability. Here are three key automation opportunities that can transform their internal processes.…
Six Audit-Ready Controls for Form 5471/8992/8993 Automation in the One Big Beautiful Bill Era
Errors in preparing and complying with international tax documents often emerge subtly and surface during the audit process. For the 2025-26 fiscal year, guidance on the transition to the One Big Beautiful Bill Act (Notices 2025-72, 2025-75 and 2025-77), along with revised Form 5471 instructions (Rev. Dec. 2025), is prompting many companies and accountants to adjust workpapers and automation tools.…
May/June 2026 Tennessee CPA Journal
Download the Issue In this issue: The Advantages of Including the TSCPA Educational and Memorial Foundation in Your Estate Plan Generative Artificial Intelligence ("AI") Six Audit-Ready Controls for Form 5471/8992/8993 Automation in the One Big Beautiful Bill Era TSCPA FYE 2026 Year In Review A GASB Update: What's on the Menu? AI at the IRS - What It Means for…
IRS CP53E Notice Sent in Error
IRS CP53E Notice Sent in Error The Taxpayer Advocate Service (TAS) in a recent notice is advising taxpayers who received a CP53E notice in error that, after confirming the notice’s validity through their IRS online account, no further action is required. The CP53E notice, introduced as part of the IRS’s transition from paper checks to electronic payments, asks taxpayers to…
Clarification on Tax Filing and Payment Deadline Extensions for Tennesseans Affected by Winter Storm Fern
Federal Tax Filing and Payment Deadlines The IRS extended tax filing and payment deadlines to June 8 for individuals and businesses in all 95 Tennessee counties affected by Winter Storm Fern. Check the IRS website for details. State Tax Filing and Payment Deadlines The Tennessee Department of Revenue extended franchise and excise tax deadlines to June 8 for businesses in the 23 disaster…
Americans Are Building Their Emergency Savings, But Gaps Remain Across Age and Gender
As Financial Literacy Month ends, CPAs urge consumers to strengthen their savings plans Washington, D.C. (April 28, 2026) - A Financial Literacy Month survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) shows that while a large number of Americans (78%) report that they do have money set aside in a savings/emergency fund to cover living expenses,…
State Tax Filing and Payment Deadlines Extended to June 8 for Tennesseans Impacted by Winter Storm Fern
Consistent with the IRS decision, the Tennessee Department of Revenue extended the franchise and excise tax filing and payment to June 8 for businesses located in a designated disaster area resulting from Winter Storm Fern. The Department cannot automatically extend due dates for other taxes; however, the Department will approve, on a case-by-case basis, extension requests from affected taxpayers who are…