Download the Issue(opens in new tab) 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 […]
July/August 2026 Tennessee CPA Journal Read More »
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
IRS simplifies penalty relief, introduces automatic process for eligible taxpayers Read More »
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
Information Regarding Kwong v. United States Read More »
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,
TN Dept. of Revenue hosts Free Webinar July 8 for New Business Owners Read More »
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:
Preparing Early-Career CPAs for Success: the Profession Ready Initiative Read More »
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
CPA: Where Trust Meets Expertise Read More »
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
AICPA Urges Families to Learn the Basics of “Trump Accounts” Before Contributing Read More »
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
Tennessee Department of Revenue Tax Changes Read More »
The Tennessee Department of Revenue released interest rates for the 2026-27 fiscal year. The interest rate will be 10.75% and the interest rate for installment payment agreements is 13%. Visit the TN Department of Revenue website for previous fiscal year interest rates.
2026-27 Fiscal Year Interest Rates Read More »
Barrett Simonis, CPA, of Knoxville, was recently presented with the Tennessee Society of Certified Public Accountants’ (TSCPA) 2026 TSCPApex CPA of the Year Award. The TSCPApex Awards Program recognizes the many ways that individuals contribute significant time, energy and intellect to developing the accounting profession and fostering its success. The CPA of the Year Award recognizes a CPA who has made outstanding contributions toward advancing
Simonis Receives CPA of the Year Award from the Tennessee Society of CPAs Read More »