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TN Dept of Revenue Warns of USPS Postmark Changes Affecting Tax Filings
The Tennessee Department of Revenue has issued Notice #26-09 to alert taxpayers and practitioners to upcoming changes in how the U.S. Postal Service (USPS) applies postmarks, which could affect whether mailed tax filings are considered timely. Effective December 24, 2025, USPS postmarks will generally reflect the date an item is first processed at a postal facility, not necessarily the date…
Federal/State Tax Filing and Payment Deadlines Extended to May 22 for Tennesseans Impacted by Winter Storm Fern
Tax professionals across Tennessee should be aware of federal and state tax relief measures granted in response to Winter Storm Fern, which began on January 22, 2026. Both the Internal Revenue Service (IRS) and the Tennessee Department of Revenue have announced extensions and penalty relief until May 22 for affected individuals and businesses in designated counties. The relief applies to…
TSCPA Member Update on Tax Deadline Extensions
TSCPA Members: The Internal Revenue Service announced today tax relief for individuals and businesses in Tennessee affected by Winter Storm Fern that began on Jan. 22, 2026. These taxpayers now have until May 22, 2026, to file various federal individual and business tax returns and make tax payments. For more information, click here. TSCPA worked with the office of the…
March/April 2026 Tennessee CPA Journal
Download the Issue In this issue: Private Equity Versus ESOP Ownership in CPA Firms: Two Roads to Capital, Growth and Control AI in Accounting: From Risk to Revenue Are you Prepared for the Cost of a Data Security Incident ASU 2025-12: A Deeper Dive AI's Boom and the Impact on Stagflation 2026 Day on the Hill Recap IRS Compliance and…
Tennessee Guidance on Tax Treatment and Casualty Loss Deductions for January Winter Storms
A Major Disaster Declaration was approved for the state of Tennessee for the severe winter storms on Jan. 22-27, 2026. Per the FEMA website, all Tennessee counties are currently authorized for "Public Assistance.” This event meets the IRS definition of a "Disaster Loss" because the disaster is federally declared, and the counties are eligible for assistance. Under Internal Revenue Code Section 165(i), taxpayers who suffer a disaster loss in…
Private Equity Versus ESOP Ownership in CPA Firms: Two Roads to Capital, Growth and Control
Private Equity Versus ESOP Ownership in CPA Firms: Two Roads to Capital, Growth and Control By Gary Thomson, Thomson Consulting In the past few years, CPA firm ownership conversations have shifted from routine to genuinely engaging—maybe not “exhilarating,” but certainly more complex and consequential than before. What once felt like a narrow set of choices now looks more like an…
Are you prepared for the cost of a data security incident? Responding to a data security incident is typically more extensive, complex and expensive than you might expect. Is your firm prepared? By Sarah Beckett Ference, CPA, Risk Control Director, CNA Another day, another cyber incident. One does not have to search hard to find a news headline about the latest…
AI’s Boom and the Impact on Stagflation
AI’s Boom and the Impact on Stagflation Journal readers know that I have repeatedly warned that we are in a 1970s style stagflationary period - defined as stagnant economic growth with high inflation. I formulated my thesis prior to the massive data center spending binge, so it makes sense to revisit the outlook with that in mind. Here I will…
AI in Accounting: From Risk to Revenue
AI in Accounting: From Risk to Revenue By Jon Hilton, AI Practice Leader, LBMC Artificial intelligence (AI) is no longer a theoretical conversation for the accounting profession. It is a practical, revenue-impacting reality. The problem firms face today is not a lack of interest in AI, but a growing gap between rising demand, constrained talent, compressed margins and client expectations…
ASU 2025-12: A Deeper Dive
ASU 2025-12: A Deeper Dive Background In December 2025, the Financial Accounting Standards Board (“FASB” or “the Board”) finalized ASU 2025-12, Codification Improvements.[1] This ASU resulted from the FASB’s standing “evergreen” project begun in 2010 that addresses stakeholder suggestions for incremental improvements to U.S. generally accepted accounting principles (U.S. GAAP). The ASU codifies various improvements related to “technical corrections, unintended…