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TSCPA State Tax Liaison Meeting Summary

February 20, 2025 TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue (DOR) and the Tennessee Department of Labor & Workforce Development (DOL) at the State Tax Liaison meeting on Dec. 4, 2024.

Making Retirement Secure: Tennessee’s Use of the Saver’s Tax Credit and How the SECURE 2.0 Act Can Increase Its Utilization

February 20, 2025 Insufficient retirement savings is a dilemma facing a significant portion of American families, particularly lower- and middle-income families.

IRS Issues Lower Passenger Auto Depreciation Limitations

February 12, 2025 The IRS recently released Rev. Proc. 2025-16, issuing lower depreciation limitations for passenger automobiles.

Treasury, IRS request comments on proposed regulations and a draft form for certain corporate separations and reorganizations

January 13, 2025 The Department of the Treasury and the Internal Revenue Service today issued proposed regulations for corporate separations and reorganizations, including reporting requirements for multi-year corporate separations.

IRS announces Jan. 27 start to 2025 tax filing season; agency continues historic improvements to expand, enhance tools and filing options to help taxpayers

January 10, 2025 The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.

Treasury and IRS issue final rules identifying certain partnership related-party "basis shifting" transactions as transactions of interest

January 10, 2025 The Department of the Treasury and the Internal Revenue Service today issued final regulations identifying certain partnership related-party “basis shifting” transactions as transactions of interest – TOIs – subject to the rules for reportable transactions.

IRS Allows Alternative Methods for Identification of Digital Assets

January 3, 2025 The IRS recently issued Notice 2025-7, which provides temporary relief to allow eligible taxpayers to use alternative methods to make adequate identification of digital asset units that are sold, disposed of or transferred during the 2025 relief period.

IRS increases the standard mileage rate for business use in 2025; key rate increases 3 cents to 70 cents per mile

December 19, 2024 The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024.

Business Tax Account now available for Corporate Designated Officials; Income Verification Express Service open to designated officials and sole proprietors

December 12, 2024 The Internal Revenue Service continues to open its Business Tax Account (BTA) to a growing number of business taxpayers, expanding the useful features available.

Congress Passes Federal Disaster Tax Relief Act

December 11, 2024 The U.S. Senate recently unanimously passed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), designating a series of presidentially-declared disasters as qualified disaster events.