TSCPA State Tax Committee Liaison Meeting Report – Dec. 6, 2023
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue (TDOR) and the Secretary of State’s office and received a legislative update from Senator Kerry Roberts. The committee meets semi-annually with various state departments to discuss state tax issues and other topics of importance to Tennessee CPAs. TDOR Overview There has been […]
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.
TCJA Expiration Effects on the Future of S Corp
An entrepreneur starting a new enterprise is faced with an immediate and crucial choice: In what legal form should the new business be created?
IRS Offers Tax Relief to Tennessee Taxpayers Impacted by December Storms
Updated Jan. 9, 2024: This news release has been updated to include Cheatham, Gibson, and Stewart counties. The IRS recently announced it is providing tax relief for individuals and businesses in parts of Tennessee affected by severe storms and tornadoes that began on Dec. 9. These taxpayers now have until June 17, 2024, to file various […]
Department of Labor Issues Final Rule on Worker Classification
The U.S. Department of Labor recently announced a final rule intended to help employers and workers better understand when a worker qualifies as an employee and when they may be considered an independent contractor under the Fair Labor Standards Act.
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.