Social Security Wage Base, COLA Set for 2025
The Social Security Administration (SSA) recently announced that individual taxable earnings of up to $176,100 annually will be subject to Social Security tax in 2025. The updated amount is an increase from $168,600 in 2024. This amount is the wage base limit that applies to earnings subject to the 6.2% OASDI tax (old age, survivors […]
Important Notice #24-09: Tax Filing Extensions – Hurricane Helene
https://www.tn.gov/content/dam/tn/revenue/documents/notices/fae/24-09fe.pdf
Tennessee Department of Revenue To Accept Schedule G Refund Claims Until Dec. 2
After thorough review, the Tennessee Department of Revenue has decided to accept Schedule G refund claims until Monday, Dec. 2. The department has updated its Schedule G refund webpage to announce this new deadline, as well as added a banner in TNTAP to alert taxpayers. In addition, the department is planning to send reminder letters to taxpayers […]
IRS provides relief for Helene; various deadlines postponed to May 1, 2025; part or all of 7 states qualify
https://www.irs.gov/newsroom/irs-provides-relief-for-helene-various-deadlines-postponed-to-may-1-2025-part-or-all-of-7-states-qualify
IRS announces new relief for taxpayers affected by terrorist attacks in Israel: 2023 and 2024 returns and payments are now due Sept. 30, 2025; other relief available
https://www.irs.gov/newsroom/irs-announces-new-relief-for-taxpayers-affected-by-terrorist-attacks-in-israel-2023-and-2024-returns-and-payments-are-now-due-sept-30-2025-other-relief-available
IRS opens new process for payroll companies, third-party payers to help clients resolve incorrect claims for the Employee Retention Credit
https://www.irs.gov/newsroom/irs-opens-new-process-for-payroll-companies-third-party-payers-to-help-clients-resolve-incorrect-claims-for-the-employee-retention-credit
IRS provides an update to frequently asked questions for the Premium Tax Credit
https://www.irs.gov/newsroom/irs-provides-an-update-to-frequently-asked-questions-for-the-premium-tax-credit
IRS Issues Final Regulations on Consistent-Basis and Basis-Reporting Rules
The IRS recently issued final regulations T.D. 9991 on the statutory requirement that the basis of property acquired from a decedent be consistent with the basis reported on the estate tax return, finalizing regulations proposed eight years ago (REG-127923-15). The final regulations dealing with the statutory consistent-basis requirement impact recipients of property acquired from a decedent if […]
Estate Planning Before 2026
By: Michelle Freeman, CPA, and Shelby Follis, CPA Estate planning can be a morbid matter that may only impact a small percentage of taxpayers. However, as CPAs, we are responsible for ensuring our impacted clients are prepared for the possible gift and estate tax changes on the horizon. The Tax Cuts and Jobs Act of 2017 […]
TSCPA Federal Tax Liaison Meeting Summary
TSCPA’s Federal Tax Committee met with representatives from the IRS at the Federal Tax Liaison meeting on June 4, 2024. Speakers from the IRS presented updates on issues affecting the tax practitioner community and engaged in discussions with the committee’s members. IRA Strategic Operating Plan The first major topic discussed was the Inflation Reduction Act […]