Important Notice #24-08: Tennessee Works Tax Act Updates - Sourcing
On May 11, 2023, Governor Lee signed into law the Tennessee Works Tax Act (“TWTA”), Public Chapter 377 (2023).
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Important Notice #24-07: Local Tax on Food and Food Ingredients
Pub. Ch. 917 (2024) creates a new "city tax rate" that may apply to the retail sale of food and food ingredients.
View MoreImportant Notice #24-06: Natural Disaster Relief Refund: Morgan County Tornadoes
SB1824/HB2074 (2024) expands the natural disaster sales tax refund available to individuals whose primary residence was damaged or destroyed as a result of the Morgan County tornadoes that occurred during April 1, 2024, to April 3, 2024.
View More2024 Brings Many New Opportunities for Your Clients’ Tax Savings
With the April 15 tax filing season deadline behind us, there are several conversations that practitioners still need to have with their clients about new tax savings opportunities for 2024.
View MoreClaim Period for Franchise Tax Property Measure (Schedule G) Refunds Opens Today
Attention eligible business owners: The claim period for franchise tax property measure (Schedule G) refunds opens today.
View MoreTo protect against identity theft, IRS adds additional protections to Centralized Authorization File, Transcript Delivery System; changes designed to protect sensitive tax pro, taxpayer information
With identity theft and refund fraud an ongoing concern, the Internal Revenue Service today highlighted additional protections for tax professionals being taken to increase security for the Centralized Authorization File (CAF) program and placed new guidelines on requesting client transcripts by phone.
View MoreTreasury, IRS issue frequently asked questions regarding disaster relief related to retirement plans and IRAs
The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2024-19, relating to rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters.
View MoreIRS Updates List of Automatic Accounting Method Changes
The IRS recently issued Rev. Proc. 2024-23, providing an updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply.
View MoreIRS releases final guidance on transfers of certain credits under the Inflation Reduction Act
The Department of Treasury and Internal Revenue Service issued final regulations today describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations.
View MoreIRS Announces Changes to Delivery Methods for Transcripts
As part of the IRS’ effort to continue combatting identity theft and protecting taxpayers’ personal information, the agency announced it will be making changes that will impact how tax professionals receive transcripts.
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