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TN Department of Revenue Updated F&E Tax Filing Procedure

January 6, 2021 With feedback from tax practitioners in mind, the Tennessee Department of Revenue has updated its procedures for managing the Tennessee franchise and excise tax (F&E) accounts of taxpayers who fail to select the “final” box on their last return.

Mailing of IRS Notices Delayed Due to Ongoing Pandemic

December 14, 2020 Due to the ongoing pandemic the IRS experienced a delay in mailing some notices that were to be issued between Nov. 9 and Nov. 23.

Tennessee Department of Revenue Issues Notice on Taxability of Hemp and Nicotine Products

December 9, 2020 The Tennessee Department of Revenue recently issued Notice #20-21 regarding the taxability of hemp and nicotine products.

IRS Provides Guidance on Legislation That Increases Automatic Enrollment Cap Percentage and Eases Burdens for Certain Safe Harbor Plans

December 9, 2020 The IRS recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans.

UPDATE: Employee Retention Credit Available for Businesses Impacted by COVID-19

November 19, 2020 The Treasury Department and IRS have launched the Employee Retention Credit to encourage businesses to keep employees on their payroll.

IRS Provides Guidance on Certain Distributions From Terminating 403(b) Plans

November 13, 2020 The Department of the Treasury and IRS recently issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts.

IRS Provides Certainty Regarding Deductibility of Payments by Partnerships and S Corporations for State and Local Income Taxes

November 12, 2020 The IRS recently issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations regarding the deductibility of payments by partnerships and S corporations for state and local income taxes.

UPDATE: Treasury Department and IRS Issue Guidance on Deferring Certain Employee Social Security Tax Withholding

November 2, 2020 The IRS recently posted guidance on how to report the deferral of withholding, depositing and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020 Presidential Memorandum.

IRS Announces 2021 Tax Inflation and Cost-of-Living Adjustments

October 27, 2020 The IRS recently released Revenue Procedure 2020-45 announcing the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules. It also released Notice 2020-79 announcing cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021

IRS Provides Resources and Reminders for Tax Preparers

October 21, 2020 The IRS recently released several new resources and reminders for tax return preparers for the upcoming tax filing season.