Articles | Tennessee Society of CPAs

IRS issues important interim guidance on employer matching contributions made to retirement plans related to employee student loan payments

August 19, 2024 The Internal Revenue Service today issued interim guidance for sponsors of 401(k) and similar retirement plans that provide, or wish to provide, matching contributions based on eligible student loan payments made by their participating employees.

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.

AICPA, state CPA societies nominate accounting for STEM designation

August 13, 2024 An AICPA letter supported by every state CPA society and numerous other accounting stakeholders asks the Department of Homeland Security (DHS) to add accounting to the department's STEM Designated Degree Program List.

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.

TSCPA Welcomes 11 Successful Candidates Who Recently Passed the CPA Exam

August 6, 2024 See the list of Successful Candidates who recently passed the CPA Exam.

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.

NPAG releases data-driven strategies to boost accounting pipeline

July 31, 2024 Accounting can open doors to limitless career paths – unlocking rewarding and in-demand jobs across every industry. But the profession continues to grapple with outdated misperceptions and a shrinking talent pool. In 2023, the National Pipeline Advisory Group (NPAG) was formed to help shape a profession-wide strategy to address accounting’s talent shortage.

FASAB Issues Technical Release 23: Omnibus Technical Release Amendments 2024: Conforming Amendments to Technical Releases 10, 16, 20, and 21

July 22, 2024 The executive director of the Federal Accounting Standards Advisory Board (FASAB) and chair of the Accounting and Auditing Policy Committee (AAPC), Monica R. Valentine, announced today the issuance of Technical Release (TR) 23: Omnibus Technical Release Amendments 2024: Conforming Amendments to Technical Releases 10, 16, 20, and 21.

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.

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