IRS Reminds Employers of Jan. 31 Filing Deadline for Wage Statements, New Filing Requirements
With tax season rapidly approaching, the IRS is reminding employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government.
IRS Offers Tax Relief to Tennessee Taxpayers Impacted by December Storms
The IRS announced that tax relief has been provided for individuals and businesses in parts of Tennessee affected by severe storms and tornadoes that hit parts of Tennessee in early December 2023.
IRS Announces 2024 Tax Filing Season To Begin Jan. 29
The IRS recently announced that it will begin accepting and processing 2023 tax year returns on Monday, Jan. 29, 2024.
IRS Intensifies Efforts To Combat ERC Scams – Consider Getting a “Second Opinion”
Recall I reported earlier in the year that the IRS issued IR-2022-183 warning against third parties improperly computing the ERC. Then, the IRS issued a “renewed warning” in IR-2023-40 warning about promoters who aggressively mislead people and businesses into thinking they can claim these credits.
IRS Modernization – Preparing Clients
Internal Revenue Service (IRS) procedures seem to be outdated due to a lack of technology. On a good day, one can call the IRS and only wait on hold for an hour or two before speaking to an agent who may request a form be faxed. A tax professional may have spent half their workday by the time the situation is resolved or a plan of action has been established.
TSCPA State Tax Liaison Meeting Summary
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue at the State Tax Liaison meeting on June 7.
Tennessee Lawmakers Introduce Legislation To Help Taxpayers Recover From Natural Disasters
Rep. David Kustoff (R-TN) and Rep. Judy Chu (D-CA) recently introduced the bipartisan, bicameral Filing Relief for Natural Disasters Act in the U.S. House of Representatives. Sen. Marsha Blackburn (R-TN), Sen. Catherine Cortez Masto (D-NV), Sen. John Kennedy (R-LA), and Sen. Chris Van Hollen (D-MD) introduced the companion bill in the Senate.
Top 5 Errors CPAs (or Their Providers) Are Making When Calculating the ERC
About 1 ½ years ago, I wrote an article about the “10 Biggest Myths (Missed Opportunities) of the Employee Retention Credit (ERC).”
Automating Tax Preparation Workflow
There are many considerations for tax professionals this year with IRS 5293 compliance, the tax implications of the Inflation Reduction Act, improvements in tax document automation Prepared by Client (PBC) tools and portals.
TSCPA State Tax Committee Liaison Meeting Report
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue at the State Tax Liaison meeting on Dec. 8. The State Tax Committee meets semi-annually with state tax officials to stay up to date on tax trends and changes, as well as discuss issues of importance to Tennessee CPAs.