TSCPA State Tax Liaison Meeting Summary
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue (DOR) and the Tennessee Department of Labor & Workforce Development (DOL) at the State Tax Liaison meeting on Dec. 4, 2024. The State Tax Committee meets semi-annually with officials to stay up to date on tax trends and regulatory changes and discuss issues impacting […]
Making Retirement Secure: Tennessee’s Use of the Saver’s Tax Credit and How the SECURE 2.0 Act Can Increase Its Utilization
By: Beth Howard, Ph.D., CPA Insufficient retirement savings is a dilemma facing a significant portion of American families, particularly lower- and middle-income families. Many of these individuals are not covered by employer-sponsored retirement plans and are not likely to contribute to Individual Retirement Accounts (IRAs). The saver’s tax credit is intended to encourage these individuals to begin […]
IRS Issues Lower Passenger Auto Depreciation Limitations
The IRS recently released Rev. Proc. 2025-16, issuing lower depreciation limitations for passenger automobiles. This is the first time the limits have been decreased in at least three years. The revenue procedure covers the Sec. 280F(a) inflation-adjusted dollar limitations on depreciation deductions for passenger automobiles, including trucks and vans, acquired after Sept. 27, 2017, and […]
Treasury, IRS request comments on proposed regulations and a draft form for certain corporate separations and reorganizations
https://www.irs.gov/newsroom/treasury-irs-request-comments-on-proposed-regulations-and-a-draft-form-for-certain-corporate-separations-and-reorganizations
Treasury and IRS issue final rules identifying certain partnership related-party “basis shifting” transactions as transactions of interest
https://www.irs.gov/newsroom/treasury-and-irs-issue-final-rules-identifying-certain-partnership-related-party-basis-shifting-transactions-as-transactions-of-interest
IRS announces Jan. 27 start to 2025 tax filing season; agency continues historic improvements to expand, enhance tools and filing options to help taxpayers
https://www.irs.gov/newsroom/irs-announces-jan-27-start-to-2025-tax-filing-season-agency-continues-historic-improvements-to-expand-enhance-tools-and-filing-options-to-help-taxpayers
IRS Allows Alternative Methods for Identification of Digital Assets
The IRS recently issued Notice 2025-7, which provides temporary relief to allow eligible taxpayers to use alternative methods to make adequate identification of digital asset units that are sold, disposed of or transferred during the 2025 relief period. The notice applies to adequate identification, within the meaning of Regs. Sec. 1.1012-1(j)(3)(ii), of digital assets held in […]
IRS increases the standard mileage rate for business use in 2025; key rate increases 3 cents to 70 cents per mile
https://www.irs.gov/newsroom/irs-increases-the-standard-mileage-rate-for-business-use-in-2025-key-rate-increases-3-cents-to-70-cents-per-mile
Business Tax Account now available for Corporate Designated Officials; Income Verification Express Service open to designated officials and sole proprietors
https://www.irs.gov/newsroom/business-tax-account-now-available-for-corporate-designated-officials-income-verification-express-service-open-to-designated-officials-and-sole-proprietors
Congress Passes Federal Disaster Tax Relief Act
The U.S. Senate recently unanimously passed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), designating a series of presidentially-declared disasters as qualified disaster events. The bill will now be sent to President Joe Biden for his signature. The legislation designates that hurricanes including Ian, Idalia, Nicole, Fiona, Debby, Helene and Milton should be […]