Download the most recent Legislative Update here.
These bills have been identified by TSCPA’s legislative tracker as bills of interest to the CPA profession. They may be viewed in their entirety at www.legislature.state.tn.us/. If you have questions or comments, please email firstname.lastname@example.org.
The Internal Revenue Service recently warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed. View More
The Treasury Department and the Internal Revenue Service (IRS) recently announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act. View More
With the recently passed Tax Cuts and Jobs Act, there are many questions on qualifying deductions, tax savings to C corps and how the §199A deduction will have a pronounced effect on the income taxes of individuals. View More
The Tennessee Department of Revenue is preparing to add more taxes to its new online filing system called TNTAP (Tennessee Taxpayer Access Point). View More
The Internal Revenue Service has announced that the Tax Cuts and Jobs Act of 2017 does not affect the tax year 2018 dollar limitations for retirement plans announced in IR 2017-177 and detailed in Notice 2017-64. View More
Seeing the emergence of a new filing season scam, the Internal Revenue Service is urging tax professionals to step up security and beware of phishing emails that can secretly download malicious software that can help cybercriminals steal client data. View More
Marking the beginning of the nation’s tax season, the Internal Revenue Service said that it successfully started accepting and processing 2017 federal individual income tax returns on Wednesday, Jan. 29. More than 155 million returns are expected to be filed this year. View More
The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that clarifies the application of the new leases guidance to land easements and eases adoption efforts for some land easements.
The Internal Revenue Service has released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law. View More