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Family Dynamics: The Intersection of Money and Emotion
How Personal History, Relationships and Emotional Patterns Shape Financial Decisions By James M. Harris III, CFP®, CIMA®, CPWA®, CEPA® CPAs are trained to read balance sheets, but the most consequential numbers in a family’s financial life are often written in invisible ink. They appear in the silences during estate planning meetings, in the adult child who avoids opening account statements, in…
Considering Recent COSO Guidance: GenAI and the 2013 COSO Internal Control – Integrated Framework (Part 1 of 2)
Introduction Artificial intelligence (AI) has moved rapidly from an emerging technology to an established business tool, with organizations increasingly integrating AI-enabled capabilities into core processes, including financial reporting. The 2021 COSO publication, Realize the Full Potential of Artificial Intelligence, authored by Keri Calagna, Brian Cassidy, and Amy Park of Deloitte & Touche, provided organizations with guidance on leveraging the COSO…
July/August 2026 Tennessee CPA Journal
Download the Issue In this issue: Family Dynamics: The Intersection of Money and Emotion AI Sameness: Are You Unique, Special and Different? One of the Best Kept Secrets in America: Why Tennessee CPAs Should Pay Attention to the Financial Report of the United States Government Considering Recent COSO Guidance: GenAI and the 2013 COSO Internal Control - Integrated Framework (Part…
IRS simplifies penalty relief, introduces automatic process for eligible taxpayers
Issue Number: IR-2026-83 The IRS announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance. The new Automatic Exemption from Penalty (AEP) will replace the long-standing First Time Abate administrative relief beginning in summer of 2026 and is designed to simplify the…
Information Regarding Kwong v. United States
The 2025 decision from the U.S. Court of Federal Claims in Kwong v. United States (Kwong) clarified how mandatory tax relief provisions under former Section 7508A(d) apply to the postponement of tax and payment deadlines during federally declared disasters, specifically the COVID-19 pandemic. In Kwong, the taxpayer sought penalty abatements for specific tax years, but the IRS rejected these requests…
TN Dept. of Revenue hosts Free Webinar July 8 for New Business Owners
Attention, new business owners! Join the Department of Revenue on Wednesday, July 8, 2026 at 8:30 a.m. Central time for a free webinar designed for new businesses. Participants will learn about state tax obligations for new businesses in Tennessee, as well as other resources that may assist their businesses. Each new business webinar, offered quarterly, covers topics such as tax…
Preparing Early-Career CPAs for Success: the Profession Ready Initiative
The accounting profession is sending a clear message on skills: workforce readiness at the early-career level has become an evolving challenge as the business environment grows more complex and technology continues to reshape how CPAs work. To identify and develop the skills early-career CPAs need for success, the American Institute of CPAs has launched an important effort to develop and strengthen young CPA talent: the Profession Ready Initiative. The Profession Ready…
CPA: Where Trust Meets Expertise
CPA: Where Trust Meets Expertise A national campaign to elevate the profession—together A new initiative is underway for the profession: the CPA Trust campaign. This national effort is designed to raise awareness of the value CPAs deliver every day and to strengthen how the profession is understood across business, communities and the broader public. The campaign highlights what sets CPAs…
AICPA Urges Families to Learn the Basics of “Trump Accounts” Before Contributing
Washington, D.C. (June 26, 2026) – The American Institute of CPAs (AICPA) is encouraging families to educate themselves about new “Trump Accounts,” officially known as Section 530A accounts, so they can make informed investment choices for their children’s future. July 4 marks the official launch date, when the accounts become fully active investment accounts – allowing families to begin contributing and eligible children to…
Tennessee Department of Revenue Tax Changes
The Tennessee Department of Revenue releases notices regarding upcoming tax revenue changes. Please visit www.tn.gov/revenue for more information regarding the tax changes. Notice #26-15: Proof of Citizenship or Lawful Presence Required for Motor Vehicle Registration Effective Jan. 1, 2027, Public Chapter 954 (2026) requires an applicant for initial motor vehicle registration that requires a license plate to provide documentation that…