Tennessee Department of Revenue Issues Notice on Customer Refund Procedure
The Tennessee Department of Revenue recently issued Notice #21-18 regarding the procedure for sales and use tax refund requests made by a customer.
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Federal Court Rules in Favor of Tennessee and Kentucky, Halts American Rescue Plan Tax Mandate
A U.S. district court has ruled in favor of Tennessee Attorney General Herbert H. Slatery III and Kentucky Attorney General Daniel Cameron in their lawsuit to stop the Biden Administration from enforcing a tax mandate in the American Rescue Plan Act.
View MoreMeet TSCPA Deloitte Scholarship Recipient Musa Sanneh
Read our interview with TSCPA's Deloitte Scholarship recipient Musa Sanneh.
View MoreIRS Issues Final Regulations on Qualified Improvement Property Under Sections 250 and 951
The IRS recently published final regulations regarding the calculation of qualified business asset investment for qualified improvement property under the alternative depreciation system under Sections 250 and 951.
View MoreTips for Working With First-Time Single Audit Clients
The U.S. has seen historic levels of federal funding in response to the COVID-19 pandemic. Various laws, including the CARES Act and the American Rescue Plan Act of 2021, have provided billions of dollars to American businesses, state and local governments, and not-for-profits. While this funding has provided relief, especially for nonprofits, it may cause complications for many recipients.
View MoreAccounting Week in Tennessee: Sept. 20-24, 2021
In 2001, Governor Don Sundquist designated the third week in September to be “Accounting Week in Tennessee.”
View MoreSenators Introduce Disaster Tax Relief Bill
In the wake of Tropical Depression Nicholas and Hurricane Ida, bipartisan legislation has been introduced in the U.S. Senate to allow the IRS to postpone tax filing deadlines when a state-level disaster declaration is issued.
View MoreDepartment of Labor to Conduct Employee Benefit Plan Audit Quality Assessment of 2020 Plan Year Filings
The U.S. Department of Labor Employee Benefit Security Administration Office of the Chief Accountant recently announced it is planning to conduct a study of employee benefit plan audit quality based on 2020 filings of Form 5500, including calendar year 2020 filings filed on extension by Oct. 15, 2021.
View MoreSBA Announces COVID-19 EIDL Modifications, Raises Loan Cap to $2 Million
The U.S. Small Business Administration recently announced modifications to the COVID-19 Economic Injury Disaster Loans program to make it easier for small businesses affected by the pandemic to access the more than $150 billion in funding available for loans.
View MoreTreasury, IRS Issue Guidance for 2021 on Reporting Qualified Sick and Family Leave Wages
The U.S. Treasury Department and IRS recently issued Notice 2021-53, which provides guidance to employers about reporting on Form W-2 the amount of qualified sick and family leave wages paid to employees for leave taken in 2021.
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