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The Governmental Accounting Standards Board recently issued guidance intended to clarify, explain, or elaborate on the implementation and application of certain GASB Statements.
View MoreThe Tennessee General Assembly unanimously approved a state budget that will eliminate the professional privilege tax for CPAs after May 31, 2020. The budget will now go to the Governor for his signature, and TSCPA believes that it will be approved by Governor Lee.
View MoreThe IRS recently announced Revenue Procedure 2019-19 will modify and supersede Rev. Proc. 2018-52, 2018-42 I.R.B. 611, which sets forth the Employee Plans Compliance Resolution System (EPCRS).
View MoreIn May, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) will meet in Nashville to vote on amending its definition of the term “materiality.”
View MoreOver 1400 bills were introduced prior to bill filing deadline in the 111th Tennessee General Assembly. Here are some that could impact the CPA profession. These may be viewed in their entirety at www.legislature.state.tn.us/.
View MoreThe IRS recently issued guidance that provides a safe harbor allowing professional sports teams to treat certain player and staff member contracts and draft picks as having a zero value for determining gain or loss to be recognized on the trade of a player or staff member contract or draft pick.
View MoreAs part of its efforts to provide greater security to the employer identification number (EIN) application process, the IRS recently announced that starting May 13 only individual taxpayers with either a Social Security or individual taxpayer identification number will be able to obtain EINs as the “responsible party” on the application.
View MoreGeneral Motors has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the fourth quarter of 2018, triggering a phaseout of the tax credit available for purchasers of the vehicles.
View MoreThe Financial Accounting Standards Board recently issued a revised proposed Accounting Standards Update intended to improve the relevance of current income tax disclosure requirements to financial statement users.
View MoreThe IRS recently provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
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