TSCPA News

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Qualified Opportunity Funds: What Is To Come?

July 15, 2025 Qualified Opportunity Funds (QOFs) were first introduced by the 2017 Tax Cuts and Jobs Act, allowing taxpayers to defer capital gains by investing in low-income community tracts for an extended period as a method of promoting economic development in distressed areas.

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TSCPA State Tax Liaison Meeting Summary

July 15, 2025 TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue (DOR) and the Tennessee Department of Labor & Workforce Development (DOL) at the State Tax Liaison meeting on May 29.

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IRS provides additional transition relief for brokers who are required to file information returns and backup withhold on certain digital asset sales

June 12, 2025 The U.S. Department of the Treasury and the Internal Revenue Service today issued Notice 2025-33 extending and modifying the transition relief provided in Notice 2024-56 for brokers who are required to file Form 1099-DA, Digital Asset Proceeds From Broker Transactions to report certain digital asset sale and exchange transactions by customers.

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