Tax Resources

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.

Internal Revenue Service (IRS) procedures seem to be outdated due to a lack of technology.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’s State Tax Committee met with representatives from the Tennessee Department of Revenue at the State Tax Liaison meeting on June 7.

About 1 ½ years ago, I wrote an article about the “10 Biggest Myths (Missed Opportunities) of the Employee Retention Credit (ERC).”

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’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.

TSCPA’s Federal Tax Committee met virtually with representatives from the IRS at the Tennessee Practitioner Liaison meeting on Dec. 13, 2022. Speakers from IRS divisions presented updates on issues affecting the tax practitioner community and engaged in discussions with the committee’s members and guests.

This article summarizes the Current Trends in Estate/Gift Tax Valuations presentation given at the Forensic and Valuation Services Conference sponsored by TSCPA on Tuesday, Oct. 25, 2022. Following a summary of recent developments, this article provides in-depth analysis of the recent Michael Jackson case from the Tax Court.