IRS announces no changes to individual information returns or withholding tables for 2025 under the One Big Beautiful Bill Act
https://www.irs.gov/newsroom/irs-announces-no-changes-to-individual-information-returns-or-withholding-tables-for-2025-under-the-one-big-beautiful-bill-act
Treasury and IRS Revise Corporate AMT Proposed Regulations
The U.S. Department of the Treasury and the IRS recently announced that they have partially withdrawn proposed regulations and are issuing revised proposed regulations regarding the application of the Corporate Alternative Minimum Tax. Outlined in Notice 2025-28, the revisions will affect applicable corporations with financial statement income attributable to investments in partnerships. The new notice provides […]
Filing Relief for Natural Disasters Act Signed Into Law
July 24 Update: On July 24, the Filing Relief for Natural Disasters Act was signed into law by President Donald Trump. Introduced in the U.S. House of Representatives in January of this year, the legislation is cosponsored by Reps. David Kustoff, R-Tenn., and Judy Chu, D-Calif. It unanimously passed in the House at the end of March […]
Qualified Opportunity Funds: What Is To Come?
By: Shelby Follis, CPA, and Emily Cokeley, Ph.D., CPA Qualified Opportunity Funds (QOFs) were first introduced by the 2017 Tax Cuts and Jobs Act, allowing taxpayers to defer capital gains by investing in low-income community tracts for an extended period as a method of promoting economic development in distressed areas. Any gains realized from the […]
TSCPA State Tax Liaison Meeting Summary
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue (DOR) and the Tennessee Department of Labor & Workforce Development (DOL) at the State Tax Liaison meeting on May 29. The State Tax Committee meets semi-annually with officials to stay up to date on tax trends and regulatory changes, as well as […]
One Big Beautiful Bill Act: Tax deductions for working Americans and seniors
https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors
IRS Obsoletes 83 Pieces of Guidance
The IRS recently issued Notice 2025-36, declaring 83 pieces of guidance in the Internal Revenue Bulletin (IRB) to be obsolete. The notice was published in accordance with several executive orders issued by President Donald Trump earlier this year. Some of the obsoleted guidance includes rules from the 1970s regarding collapsible and noncollapsible corporations, guidance from the […]
Congress Passes One Big Beautiful Bill Act
On July 3, the U.S. House of Representatives passed H.R. 1, the One Big Beautiful Bill Act (OBBB), sending it to President Donald Trump for his signature. The House passed the version of the bill that was passed July 1 in the Senate, which included the Senate manager’s amendment. The bill was signed into law by the […]
Tennessee Sales Tax Holiday To Be July 25-27
https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday/sth-traditional.html
Tennessee Department of Revenue Updates Tax Manuals
https://www.tn.gov/content/dam/tn/revenue/documents/tax_manuals/june-2025/Tax-Manual-Updates.pdf