IRS Obsoletes 83 Pieces of Guidance
The IRS recently issued Notice 2025-36, declaring 83 pieces of guidance in the Internal Revenue Bulletin (IRB) to be obsolete.
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Congress Passes One Big Beautiful Bill Act
On 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 Sales Tax Holiday To Be July 25-27
Tennessee'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.
View MoreTennessee Department of Revenue Updates Tax Manuals
The Tennessee Department of Revenue has made updates to tax manuals.
View MoreImportant Notice #25-12: Enactment of Business Tax – City of Burns
The City of Burns voted to enact a municipal-level business tax. The effective date of the tax is August 1, 2025.
View MoreIRS provides additional transition relief for brokers who are required to file information returns and backup withhold on certain digital asset sales
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.
View MoreIRS Updates List of Automatic Accounting Method Changes
The IRS recently issued Rev. Proc. 2025-23, 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 MoreTennessee Department of Revenue 2025 Legislative Summaries
The Tennessee Department of Revenue has posted 2025 legislative summaries.
View MoreImportant Notice #25-11: Taxability of Hemp-Derived Cannabinoid Products
Effective January 1, 2026, Public Chapter 526 (2025) amends the current law governing the taxation and regulation of sales of hemp-derived cannabinoid products.
View MoreIRS Provides Interim Simplified Method for Corporate Alternative Minimum Tax
The IRS recently issued Notice 2025-27, providing interim guidance on the application of the Sec. 55 corporate alternative minimum tax (CAMT), which was enacted by the Inflation Reduction Act of 2022.
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