IRS Announces Special Per Diem Rates
The IRS recently released Notice 2025-54, providing that the special per diem rates by which taxpayers may substantiate ordinary and necessary business expenses of travel starting Oct. 1 will remain the same as the previous year. Generally, a payer may consider substantiated for federal tax purposes an employee’s expenses incurred for employment-related travel in an amount […]
IRS to phase out paper tax refund checks starting with individual taxpayers
https://www.irs.gov/newsroom/irs-to-phase-out-paper-tax-refund-checks-starting-with-individual-taxpayers
IRS extends relief to farmers and ranchers affected by drought in 49 states, other regions
https://www.irs.gov/newsroom/irs-extends-relief-to-farmers-and-ranchers-affected-by-drought-in-49-states-other-regions
Treasury, IRS issue guidance listing occupations where workers customarily and regularly receive tips under the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/treasury-irs-issue-guidance-listing-occupations-where-workers-customarily-and-regularly-receive-tips-under-the-one-big-beautiful-bill
Tennessee Department of Revenue Updates Tax Manual for Bars and Restaurants
https://www.tn.gov/content/dam/tn/revenue/documents/tax_manuals/bars-restaurants-sept-2025.pdf
Unpacking the One Big Beautiful Bill (Part 1: Individuals)
By: Shelby Follis, CPA, and Emily Cokeley, Ph.D., CPA In the January/February 2025 issue, we reviewed expectations for the tax year ahead based on the campaign promises made by President Donald Trump. The president’s goals came to fruition with the signing of the One Big Beautiful Bill (OBBB) on July 4, 2025. In this issue, we will unpack the tax-related contents of the […]
Congress Passes Act Enabling Tax Relief for State-Declared Disasters
On July 10, the U.S. Senate unanimously passed H.R. 517, the Filing Relief for Natural Disasters Act, allowing the U.S. Department of the Treasury and the IRS to grant tax relief when a governor declares either a disaster or state emergency. The bipartisan bill was unanimously passed in the House at the end of March and was signed into law […]
Tax Planning Opportunities With Dual Enrollment Grants
By: Dr. Jamie Connors, CPA, and Stephan Davenport, Ph.D., CPA By taking advantage of the Tennessee Dual Enrollment Grant, many Tennessee high school students are eligible to earn college credit at little or no cost while still in high school. Eligible high school students can apply for a Dual Enrollment Grant that provides free tuition for up to five courses […]
Treasury Names Occupations Eligible for No Tax on Tips
The U.S. Treasury Department recently named the occupations that will be eligible for the No Tax on Tips deduction enacted by the One Big Beautiful Bill Act that was signed into law on July 4, 2025. It is expected that the Treasury will release more detailed guidance soon. The full list is as follows: 1. […]
Treasury, IRS issue FAQs to address the accelerated termination of several energy provisions under OBBB
https://www.irs.gov/newsroom/treasury-irs-issue-faqs-to-address-the-accelerated-termination-of-several-energy-provisions-under-obbb