Congress Passes CHIPS and Science Act
The U.S. House of Representatives recently passed the Senate’s version of a bill known as the CHIPS and Science Act.
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TIGTA Releases Report Assessing Child Tax Credit Online Portal
The Treasury Inspector General for Tax Administration released a new report assessing the capabilities of the IRS Child Tax Credit online portal that was launched for the expanded CTC implemented by the American Rescue Plan Act of 2021.
View MoreIRS Issues Statement on Joint Return Balance-due Notice Errors
The IRS recently released a statement acknowledging some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.
View MoreIRS Issues New Strategic Plan
The IRS recently released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration.
View MoreEmployee Versus Independent Contractor
Traditionally, the classification of a worker as an employee versus an independent contractor has not been the focus of business management.
View MoreIRS Revises 2021 Child Tax Credit and Advance Child Tax Credit FAQs
The IRS recently issued a revised set of frequently asked questions for the 2021 Child Tax Credit and Advance Child Tax Credit.
View MoreIRS Extends Time for Certain Estates To Request Late Portability Election Relief
The IRS recently issued Revenue Procedure 2022-32, allowing certain estates to elect the portability of a deceased spousal unused exclusion amount as much as five years after the decedent's date of death.
View MoreTennessee Department of Revenue Publishes 2022 Legislative Summaries
The Tennessee Department of Revenue has posted 2022 legislative summaries to its website.
View MoreThree Sales Tax Holidays in Tennessee This Year
The Tennessee Department of Revenue is reminding taxpayers that the General Assembly approved two additional one-time sales tax holidays this year, in addition to the traditional sales tax holiday that takes place each year at the end of July.
View MoreIRS To Require Fingerprinting for Electronic Filing
As part of efforts to improve its authentication procedures, the IRS recently announced it will be mandating a new electronic fingerprinting process for e-file applications for tax practitioners starting Sept. 25.
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