IRS Revises 2020 Unemployment Compensation Exclusion FAQs
The IRS recently revised its frequently asked questions on 2020 unemployment compensation exclusion.
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IRS Updates Guidance on Disclosure of Tax Information of Government Employees
The IRS recently released Revenue Ruling 2022-7, updating the rules for the tax return disclosure restrictions for government employees in accordance with the Taxpayer First Act of 2019.
View MoreSEC Accepts 2022 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The FASB recently announced that the SEC has accepted the 2022 GAAP Financial Reporting Taxonomy and the 2022 SEC Reporting Taxonomy. The FASB also finalized the 2022 DQC Rules Taxonomy.
View MoreSEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures
The Securities and Exchange Commission recently proposed rule changes that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports.
View MoreReminder: Franchise and Excise Tax Due Date Extended for Counties Affected by December 2021 Storms
Tax professionals are reminded that the Tennessee Department of Revenue extended the franchise and excise tax filing and payment deadlines to May 16, 2022, for 13 counties impacted by severe weather on Dec. 10-11, 2021.
View MoreTSCPA Student Ambassador Profile - Kainat Bhayani
Meet TSCPA Student Ambassador Kainat Bhayani.
View MoreIRS Issues Increased Passenger Auto Depreciation Limitations
The IRS recently released Rev. Proc. 2022-17, issuing higher new depreciation limitations for passenger automobiles.
View MoreFederal Reserve Raises Interest Rates
The Federal Reserve recently increased the price of borrowing money by a quarter point, its first rate increase since 2018.
View MoreSBA Provides COVID EIDL Borrowers Additional Deferment
The U.S. Small Business Administration recently announced that it is providing additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan program borrowers for a total of 30 months deferment from loan inception.
View MoreIRS to Provide Relief to Qualifying Farmers and Fishermen Due to Technology Problems
The IRS recently issued Notice 2022-13, which provides a waiver of the addition to tax under section 6654 for underpayment of estimated income tax by qualifying farmers and fishermen.
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