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The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2025-05 relating to the modification of sections 25C, 25D, 25E, 30C, 30D, 45L, 45W, and 179D under the One, Big, Beautiful Bill Act (OBBB).
View MoreThe Internal Revenue Service today announced that, as part of its phased implementation of the One Big Beautiful Bill Act, there will be no changes to certain information returns or withholding tables for Tax Year 2025 related to the new law.
View MoreThe U.S. Department of the Treasury and the IRS recently announced that they have partially withdrawn proposed regulations and are issuing revised proposed regulations regarding the application of the Corporate Alternative Minimum Tax.
View MoreOn July 24, the Filing Relief for Natural Disasters Act was signed into law by President Donald Trump.
View MoreQualified 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.
View MoreTSCPA’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.
View MoreBelow are descriptions of new provisions from the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025.
View MoreThe IRS recently issued Notice 2025-36, declaring 83 pieces of guidance in the Internal Revenue Bulletin (IRB) to be obsolete.
View MoreOn July 3, the U.S. House of Representatives passed H.R. 1, the One Big Beautiful Bill Act (OBBB), sending it to President Donald Trump for his signature.
View MoreTennessee's traditional sales tax holiday on clothing, school supplies and computers begins at 12:01 a.m. on Friday, July 25, 2025, and ends at 11:59 p.m. on Sunday, July 27, 2025.
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