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 […]
Tennessee Property Measure (Schedule G) Refund Claims
By: Michelle Freeman, CPA, and Shelby Follis, CPA The 2024 spring tax season proved to be more challenging than Tennessee taxpayers anticipated, with major changes not only lingering at the federal level but on the Tennessee franchise and excise tax return as well. Tennessee enforces a franchise and excise tax filed on Form FAE 170 […]
Annual Sales Tax Holiday Happening July 26-28
https://www.tn.gov/revenue/news/2024/7/11/annual-sales-tax-holiday-happening-july-26—july-28.html
Treasury, IRS issue final regulations requiring broker reporting of sales and exchanges of digital assets that are subject to tax under current law, additional guidance to provide penalty relief, address information reporting and other technical issues
https://www.irs.gov/newsroom/treasury-irs-issue-final-regulations-requiring-broker-reporting-of-sales-and-exchanges-of-digital-assets-that-are-subject-to-tax-under-current-law-additional-guidance-to-provide-penalty-relief-address
Treasury and IRS announce final regulations on how to report and pay the corporate stock repurchase excise tax
https://www.irs.gov/newsroom/treasury-and-irs-announce-final-regulations-on-how-to-report-and-pay-the-corporate-stock-repurchase-excise-tax
IRS enters next stage of Employee Retention Credit work; review indicates vast majority show risk of being improper
https://www.irs.gov/newsroom/irs-enters-next-stage-of-employee-retention-credit-work-review-indicates-vast-majority-show-risk-of-being-improper
IRS makes Direct File a permanent option to file federal tax returns; expanded access for more taxpayers planned for the 2025 filing season
https://www.irs.gov/newsroom/irs-makes-direct-file-a-permanent-option-to-file-federal-tax-returns-expanded-access-for-more-taxpayers-planned-for-the-2025-filing-season
Important Notice #24-08: Tennessee Works Tax Act Updates – Sourcing
https://www.tn.gov/content/dam/tn/revenue/documents/notices/sales/sales24-08.pdf