TSCPA Legislative Update
2021 LEGISLATIVE REPORT of the TENNESSEE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
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Black History Month: Celebrating Accounting Trailblazers
Black History Month is an important opportunity for us to celebrate the significant contributions and achievements of Black Americans throughout our history, including Black Americans that have been trailblazers in the accounting profession. Learn more about Jesse H. Turner, Sr., the first Black CPA in Tennessee.
View MoreIRS Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs
The IRS recently released Notice 2021-15, allowing greater flexibility to employee benefit plans offering health flexible spending arrangements or dependent care assistance programs.
View MoreBlack History Month: Celebrating Accounting Trailblazers
Black History Month is an important opportunity for us to celebrate the significant contributions and achievements of Black Americans throughout our history, including Black Americans that have been trailblazers in the accounting profession. Learn more about John W. Cromwell, Jr., the first Black CPA in the U.S.
View MoreSmall Business Administration Announces Changes to PPP Approval Process
The U.S. Small Business Administration (SBA) recently announced changes designed to reduce delays in the loan approval process for the Paycheck Protection Program (PPP), which reopened on Jan. 11 with $284 billion in new funding.
View MoreUPDATE: IRS Updates FAQs on Paid Sick and Family Leave Credits
The IRS recently posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act.
View MoreIRS Announces Educators Can Deduct Out-of-Pocket Expenses for COVID-19 Protective Items
The IRS recently stated that eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom.
View MoreNew COVID-19 Tax Law...Discovering Some Hidden Gems!
As we start the new year, hopefully fresh from all the tax drama, we can at least take a deep breath and rejoice about some COVID-19 tax relief. On Sunday, Dec. 27, 2020, the president signed into law what is called the Consolidated Appropriations Act (CAA), a combination of COVID-19 relief along with many other provisions amongst the 5,593 pages.
View MoreAICPA Urges the Small Business Administration to Address Small Businesses’ Significant Challenges with PPP Loan Application System
The AICPA recently sent a letter to the Small Business Administration (SBA) raising concerns about the challenges small businesses are facing with the current Paycheck Protection Program (PPP) loan application system.
View MoreIRS Expands on Deduction Limit Increase for Disaster Relief Corporate Cash Contributions
The IRS recently explained how corporations may qualify for the new 100 percent limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.
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