Using AI for an R&D Study?
By: Rick Meyer, CPA, MBA, MST “HAL, do a research and development (R&D) study.” Do you remember HAL 9000 or simply HAL? He was the iconic artificial general intelligence character in the 1968 film, “2001: A Space Odyssey.” For young folks, you might think of him as the predecessor to R2-D2, C-3PO or any other […]
Important Notice #25-03: Enactment of Business Tax: City of New Hope
https://www.tn.gov/content/dam/tn/revenue/documents/notices/business/bus25-03.pdf
Important Notice #25-02: Tax Filing Extensions: Hurricane Helene Six Additional Counties
https://www.tn.gov/content/dam/tn/revenue/documents/notices/fae/25-02fe.pdf
2025: The Year Ahead
By: Shelby Follis, CPA, and Emily Cokeley, Ph.D., CPA The curtains have closed on 2024 with the election completed, Tennessee Schedule G refund claims filed, and engagement letters for 2024 tax returns underway. Tax practitioners are gearing up for the busy season ahead. Many clients will be asking how to plan for tax changes affecting […]
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 Dec. 4, 2024. The State Tax Committee meets semi-annually with officials to stay up to date on tax trends and regulatory changes and discuss issues impacting […]
Making Retirement Secure: Tennessee’s Use of the Saver’s Tax Credit and How the SECURE 2.0 Act Can Increase Its Utilization
By: Beth Howard, Ph.D., CPA Insufficient retirement savings is a dilemma facing a significant portion of American families, particularly lower- and middle-income families. Many of these individuals are not covered by employer-sponsored retirement plans and are not likely to contribute to Individual Retirement Accounts (IRAs). The saver’s tax credit is intended to encourage these individuals to begin […]
IRS Issues Lower Passenger Auto Depreciation Limitations
The IRS recently released Rev. Proc. 2025-16, issuing lower depreciation limitations for passenger automobiles. This is the first time the limits have been decreased in at least three years. The revenue procedure covers the Sec. 280F(a) inflation-adjusted dollar limitations on depreciation deductions for passenger automobiles, including trucks and vans, acquired after Sept. 27, 2017, and […]
Treasury, IRS request comments on proposed regulations and a draft form for certain corporate separations and reorganizations
https://www.irs.gov/newsroom/treasury-irs-request-comments-on-proposed-regulations-and-a-draft-form-for-certain-corporate-separations-and-reorganizations
Treasury and IRS issue final rules identifying certain partnership related-party “basis shifting” transactions as transactions of interest
https://www.irs.gov/newsroom/treasury-and-irs-issue-final-rules-identifying-certain-partnership-related-party-basis-shifting-transactions-as-transactions-of-interest
IRS announces Jan. 27 start to 2025 tax filing season; agency continues historic improvements to expand, enhance tools and filing options to help taxpayers
https://www.irs.gov/newsroom/irs-announces-jan-27-start-to-2025-tax-filing-season-agency-continues-historic-improvements-to-expand-enhance-tools-and-filing-options-to-help-taxpayers