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 […]
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