TNTAP Business and F&E Updates
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.
View MoreTSCPA News
= Member Only
Filter by Category:
All Featured (71) For the Public (45) Business & Industry News (3) Chapter News (1) Legislative News (0) Regulatory News (11) Tax News (40) Young CPAs (0)Showing : 1–10 of 40
IRS Provides Guidance on Parking Fringe Expenses and Unrelated Business Taxable Income, Penalty Relief to Tax-Exempt Organizations
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.
View MoreIRS Provides Guidance on Stock Options and Restricted Stock Units Tax Benefit for Private Corporations’ Employees
The Internal Revenue Service recently issued Notice 2018-97, offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax for up to five years on the value of qualified stock options and restricted stock units granted to them by their employers.
View MoreIRS Issues Proposed Regulations on New Business Interest Expense Deduction Limit
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.
View MoreTNTAP Updates and Tips Based on TSCPA Feedback
The Department of Revenue made some changes to TNTAP based on your input. This includes an improved account lookup, adding information for your client and an update to marital joint accounts.
View MoreIRS Issues Tax Preparer Due Diligence Rules
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.
View MoreIRS Issues Inflation Adjustments for Retirement Plans
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.
View MorePTIN Renewal Time!
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.
View MoreOpportunity Zone Tax Incentives Proposed Regulations by IRS, Treasury
Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to spur investment in distressed communities throughout the country through tax benefits.
View MoreTax Deadline Extensions for Out-of-State Businesses Affected by Hurricane Michael and Florence
If you have clients affected by Hurricane Florence, you might be able to get a tax deadline extension for them. Out-of-state taxpayers affected by natural disasters may request a filing extension for their Tennessee tax returns.
View More