August 21, 2020
The IRS has issued a statement that it is aware that a small population of employers that reduced their tax deposits in anticipation of claiming the sick and family leave credits or employee retention credit may have received a notice stating there was a failure to deposit penalty applicable to the Form 941 on which the credits were claimed.
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August 19, 2020
The IRS has issued an update regarding its backlog in processing mail and payments due to COVID-19.
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August 10, 2020
Congress will soon be returning from their July recess and then they’ll have a short period before their August recess. They will be taking a hard look at the next round of legislation to help with the impact of COVID-19.
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July 21, 2020
The Department of the Treasury and IRS recently issued a final regulation addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax.
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July 15, 2020
The IRS has recently announced that due to the COVID-19 pandemic it will provide additional relief to hospital organizations that must meet the Community Health Needs Assessments requirements.
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July 6, 2020
The Treasury Department and IRS recently issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses.
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July 2, 2020
The IRS has announced that it will pay interest on delayed tax refunds due to this year’s tax deadline extension.
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July 1, 2020
The Tennessee General Assembly has announced it has approved two separate sales tax holiday weekends for the year 2020 only.
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June 30, 2020
The Treasury Department and IRS recently announced the tax filing and payment deadline of July 15 will not be postponed, but individual taxpayers unable to meet the due date can request an automatic extension of time to file until Oct. 15.
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June 23, 2020
The IRS has announced taxpayers affected by the April tornadoes and severe storms in Tennessee will have until Oct. 15, 2020, to file various individual and business tax returns and make payments.
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