TSCPA State Tax Liaison Meeting Summary
TSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue and the Tennessee Department of Labor & Workforce Development at the State Tax Liaison meeting on June 6.
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Annual Sales Tax Holiday Happening July 26-28
Save the date and save! The State of Tennessee’s annual sales tax holiday weekend will take place Friday, July 26 through Sunday, July 28.
View MoreTreasury and IRS announce final regulations on how to report and pay the corporate stock repurchase excise tax
The Department of the Treasury and the Internal Revenue Service today issued final regulations that provide taxpayers and tax professionals with guidance on how to report and pay the 1 percent excise tax owed on corporate stock repurchases.
View MoreTreasury, IRS issue final regulations requiring broker reporting of sales and exchanges of digital assets that are subject to tax under current law, additional guidance to provide penalty relief, address information reporting and other technical issues
The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency.
View MoreIRS enters next stage of Employee Retention Credit work; review indicates vast majority show risk of being improper
Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service today announced plans to deny tens of thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help eligible taxpayers.
View MoreIRS makes Direct File a permanent option to file federal tax returns; expanded access for more taxpayers planned for the 2025 filing season
Following a successful filing season pilot and feedback from a variety of partners, the Internal Revenue Service announced today that it will make Direct File a permanent option for filing federal tax returns starting in the 2025 tax season.
View MoreTennessee Department of Revenue Updates Sales and Use Tax Manual
The Tennessee Department of Revenue has updated the Sales and Use Tax Manual.
View MoreImportant Notice #24-08: Tennessee Works Tax Act Updates - Sourcing
On May 11, 2023, Governor Lee signed into law the Tennessee Works Tax Act (“TWTA”), Public Chapter 377 (2023).
View MoreImportant Notice #24-07: Local Tax on Food and Food Ingredients
Pub. Ch. 917 (2024) creates a new "city tax rate" that may apply to the retail sale of food and food ingredients.
View MoreImportant Notice #24-06: Natural Disaster Relief Refund: Morgan County Tornadoes
SB1824/HB2074 (2024) expands the natural disaster sales tax refund available to individuals whose primary residence was damaged or destroyed as a result of the Morgan County tornadoes that occurred during April 1, 2024, to April 3, 2024.
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