Important Notice #25-04: Natural Disaster Relief Refund
https://www.tn.gov/content/dam/tn/revenue/documents/notices/sales/sales25-04.pdf
IRS reminder: Disaster victims in twelve states have automatic extensions to file and pay their 2024 taxes
https://www.irs.gov/newsroom/irs-reminder-disaster-victims-in-twelve-states-have-automatic-extensions-to-file-and-pay-their-2024-taxes
An Update on the Federal Disaster Relief Act and Qualified Disaster Losses
By: Emily Cokeley, Ph.D., CPA, and Lingting Jiang, Ph.D., CPA In recent years, there have been numerous natural disasters in Tennessee and neighboring states, leading to substantial economic losses. Disaster losses impose significant financial burdens on individuals and businesses. The U.S. tax code provides relief through casualty loss deductions, special tax provisions and legislative acts […]
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 […]