FASB Votes to Delay Effective Dates for Major Standards
FASB recently voted unanimously to delay effective dates for private companies and certain other entities for standards on accounting for leases, credit losses and hedging.
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IRS Releases Draft 2019 Forms 1065, 1120-S and Schedules K-1
The IRS recently issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc.
View MoreIRS Finalizes Safe Harbor for Rental Real Estate to Qualify as a Business for Qualified Business Income Deduction
The IRS recently finalized a safe harbor for certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code.
View MoreIRS and Treasury Department Revamp Postcard-Sized Form 1040
In late June, the IRS and the Treasury Department unveiled a new postcard-sized version of the classic Form 1040, with the goal of replacing the current Forms 1040, 1040A and 1040EZ for next tax season.
View MoreTreasury, IRS Release Final and Proposed Regulations on New 100 Percent Depreciation
The Treasury Department and the IRS recently released final regulations and additional proposed regulations on the new 100 percent additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
View MoreState Legislature Holds Special Session
On Aug. 23 the Tennessee General Assembly convened for a special session to officially elect a new Speaker of the House due to the recent resignation of former Speaker Glen Casada.
View MoreAICPA and NASBA Working Together
AICPA and NASBA recently introduced the Alliance for Responsible Professional Licensing (ARPL), a coalition focused on educating lawmakers and the public about the importance of maintaining rigorous professional licensing standards for advanced professions such as accounting, architecture and engineering.
View MoreA Simple Tool That Revolutionizes Workplace Communications: SBAR
So you need to communicate a recommendation quickly to another coworker. Or you need to communicate something complex to your boss. In most cases, you will simply start talking and the person on the receiving end of the message will have to sort through your conversation to get to the core recommendation.
View MoreSTATE CPA SOCIETY AWARDS $225,000 IN SCHOLARSHIPS
The Educational & Memorial Foundation of the Tennessee Society of CPAs (TSCPA) recently awarded a total of $225,000 in scholarships to 83 students attending colleges or universities throughout Tennessee.
View MoreIRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Filers
The IRS recently announced it is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver.
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