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
Important Notice #25-12: Enactment of Business Tax – City of Burns
https://www.tn.gov/content/dam/tn/revenue/documents/notices/business/bus25-12.pdf
IRS provides additional transition relief for brokers who are required to file information returns and backup withhold on certain digital asset sales
https://www.irs.gov/newsroom/irs-provides-additional-transition-relief-for-brokers-who-are-required-to-file-information-returns-and-backup-withhold-on-certain-digital-asset-sales
IRS Updates List of Automatic Accounting Method Changes
The IRS recently issued Rev. Proc. 2025-23, providing an updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply. Rev. Proc. 2015-13 had updated and revised general procedures under Sec. 446(e) to obtain the IRS’ automatic and advance nonautomatic consent to change an accounting […]
Tennessee Department of Revenue 2025 Legislative Summaries
https://www.tn.gov/revenue/tax-resources/legal-resources/legislative-summaries/2025-legislative-summaries-.html
Important Notice #25-11: Taxability of Hemp-Derived Cannabinoid Products
https://www.tn.gov/content/dam/tn/revenue/documents/notices/tobacco/25-11tob.pdf