TSCPA News

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TNTAP Business and F&E Updates

December 11, 2018 The Department of Revenue has important updates about business tax and franchise and excise tax. This includes information about new account numbers, consolidation and other filing tips.

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IRS Provides Guidance on Parking Fringe Expenses and Unrelated Business Taxable Income, Penalty Relief to Tax-Exempt Organizations

December 10, 2018 The Internal Revenue Service recently issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income.

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IRS Issues Proposed Regulations on New Business Interest Expense Deduction Limit

November 26, 2018 The Internal Revenue Service issued proposed regulations recently for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Certain small businesses whose gross receipts are $25 million or less and certain trades or businesses are not subject to the limits under this provision.

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IRS Issues Tax Preparer Due Diligence Rules

November 7, 2018 The Treasury Department and the Internal Revenue Service recently issued final regulations expanding the long-standing paid preparer due diligence requirement to include individual income tax returns claiming the head of household filing status.

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IRS Issues Inflation Adjustments for Retirement Plans

November 1, 2018 The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS today issued technical guidance detailing these items in Notice 2018-83.

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PTIN Renewal Time!

October 26, 2018 The Internal Revenue Service is reminding the nation’s more than 768,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2019. All current PTINs will expire Dec. 31, 2018.

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