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
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The U.S. Department of the Treasury and the IRS recently announced that they have partially withdrawn proposed regulations and are issuing revised proposed regulations regarding the application of the Corporate Alternative Minimum Tax.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 […]