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 […]
IRS issues proposed regulations for Corporate Alternative Minimum Tax
https://www.irs.gov/newsroom/irs-issues-proposed-regulations-for-corporate-alternative-minimum-tax
Tennessee Department of Revenue Announces Special Procedure for Schedule G Refunds
The Tennessee Department of Revenue recently announced it has developed a special procedure regarding franchise tax property measure (Schedule G) refunds. The procedure is available for taxpayers with a Schedule G tax base that is higher than Schedule F net worth if they have already filed or plan to file their 2023 franchise tax return without […]
IRS issues important interim guidance on employer matching contributions made to retirement plans related to employee student loan payments
https://www.irs.gov/newsroom/irs-issues-important-interim-guidance-on-employer-matching-contributions-made-to-retirement-plans-related-to-employee-student-loan-payments
IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claims; sending up to 30,000 letters to address more than $1 billion in errant claims
https://www.irs.gov/newsroom/irs-reopens-voluntary-disclosure-program-to-help-businesses-with-problematic-employee-retention-credit-claims-sending-up-to-30000-letters-to-address-more-than-1-billion-in-errant-claims
IRS moves forward with Employee Retention Credit claims: Agency accelerates work on complex credit as more payments move into processing; vigilance, monitoring continues on potentially improper claims
https://www.irs.gov/newsroom/irs-moves-forward-with-employee-retention-credit-claims-agency-accelerates-work-on-complex-credit-as-more-payments-move-into-processing-vigilance-monitoring-continues-on-potentially-improper-claims
IRS Issues Updates to Individual and Business Transcripts
The IRS recently announced that as of July 26, 2024, Get Transcripts tools on IRS.gov have been removed. Individual Online Account will be the only application on IRS.gov that individual taxpayers can use to access their Transcript Delivery System (TDS) transcripts online. For more details, please review information on individual transcripts on IRS.gov. Business entity transcripts […]
Treasury, IRS issue updated guidance on required minimum distributions from IRAs, other retirement plans; generally retains proposed rules
https://www.irs.gov/newsroom/treasury-irs-issue-updated-guidance-on-required-minimum-distributions-from-iras-other-retirement-plans-generally-retains-proposed-rules
TSCPA State Tax Liaison Meeting Summary
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue and the Tennessee Department of Labor & Workforce Development at the State Tax Liaison meeting on June 6. The State Tax Committee meets semi-annually with officials to stay up to date on tax trends and regulatory changes, as well as discuss issues impacting Tennessee […]