Tennessee Department of Revenue Updates Tax Manuals
https://www.tn.gov/content/dam/tn/revenue/documents/tax_manuals/december-2025/Tax-Manual-Updates.pdf
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IRS Updates FAQs on the Limitation on the Deduction for Business Interest Expense and Premium Tax Credit
The IRS recently updated frequently asked questions (FAQs) regarding changes to the limitation on the deduction for business interest expense (Fact Sheet 2025-09) and the Premium Tax Credit (Fact Sheet 2025-10) under the One Big Beautiful Bill (OBBB). For tax years beginning after Dec. 31, 2024, the OBBB amended Section 163(j) by: Allowing taxpayers to
Treasury, IRS provide safe harbor for taxpayers claiming the carbon capture credit
https://www.irs.gov/newsroom/treasury-irs-provide-safe-harbor-for-taxpayers-claiming-the-carbon-capture-credit
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Court Upholds Constitutionality of Corporate Transparency Act
The U.S. Court of Appeals for the 11th Circuit recently upheld in National Small Business United, et al. v. U.S. Department of the Treasury, et al. that the Corporate Transparency Act (CTA) is a constitutional exercise of Congress’ power under the Commerce Clause of the U.S. Constitution. The court also ruled that the CTA does
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Senate Passes Disaster Related Extension of Deadlines Act
The U.S. Senate recently passed H.R. 1491, the Disaster Related Extension of Deadlines Act, which requires the IRS to treat the postponement of the federal tax return deadline due to a federally declared disaster or certain other events as an extension for purposes of calculating the limit on a tax refund. The legislation now goes to
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2026 FASB Taxonomies Now Available
https://www.fasb.org/news-and-meetings/in-the-news/2026-fasb-taxonomies-now-available-22-423441
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Treasury, IRS allow States to make an Advance Election to participate in the new federal tax credit for individual contributions to Scholarship Granting Organizations under the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/treasury-irs-allow-states-to-make-an-advance-election-to-participate-in-the-new-federal-tax-credit-for-individual-contributions-to-scholarship-granting-organizations-under-the-one-big-beautiful-bill
Federal Reserve Cuts Rates by a Quarter Point
The Federal Reserve recently reduced the benchmark interest rate by a quarter point in its third cut of 2025. The reduction takes the federal funds rate, the interest rate banks charge each other for short-term loans, to a target range of 3.5%-3.75%. Three members of the rate-setting Federal Open Market Committee (FOMC) cast dissenting votes.
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Treasury, IRS provide guidance on new tax benefits for health savings account participants under the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/treasury-irs-provide-guidance-on-new-tax-benefits-for-health-savings-account-participants-under-the-one-big-beautiful-bill
FASB Issues New Standard to Improve Interim Reporting
https://www.fasb.org/news-and-meetings/in-the-news/fasb-issues-new-standard-to-improve-interim-reporting-423439
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