Federal Tax Treatment of Casualty Losses From Federally Declared Disasters
By: Emily D. Cokeley, Ph.D., CPA, and Shelby Follis, CPA Recent events in middle and east Tennessee have prompted the president to declare federal disasters. Such disasters could arise from fires, floods, storms, and other natural or man-made disasters, but at the time of publication, Tennessee has had two federally declared disasters in 2024: severe […]
IRS announces tax relief for victims of Tropical Storm Helene in Tennessee; various deadlines postponed to May 1, 2025
https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-tropical-storm-helene-in-tennessee-various-deadlines-postponed-to-may-1-2025
IRS Issues Final Regulations To Modernize Process for Sale of Taxpayers’ Property
The IRS recently issued final regulations (T.D. 10011) intended to modernize the process for the government’s sale of taxpayers’ property after its seizure by levy. Proposed regulations (REG-127391-16) were issued in October 2023. In the preamble to the proposed regulations, the IRS wrote that the regulations under Sec. 6335 had not changed substantially since they […]
401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000
IRS releases tax inflation adjustments for tax year 2025
https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025
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