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
IRS Provides Interim Simplified Method for Corporate Alternative Minimum Tax
The IRS recently issued Notice 2025-27, providing interim guidance on the application of the Sec. 55 corporate alternative minimum tax (CAMT), which was enacted by the Inflation Reduction Act of 2022. The guidance offers an optional simplified method for determining applicable corporation status under Sec. 59(k). The method substitutes the general adjusted financial statement income (AFSI) […]
Tennessee Launches Modernized Unemployment Tax System
The Tennessee Department of Labor & Workforce Development recently announced that it has fully modernized the state’s unemployment system with the implementation of Unemployment Tax functionality on http://www.jobs4TN.gov. The new system went live on May 27. If you previously filed Premium and Wage Reports or Payments through the TNPAWS or Third Party Upload Systems (TPU), you can […]