Federal Tax Treatment of Casualty Losses From Federally Declared Disasters
Recent events in middle and east Tennessee have prompted the president to declare federal disasters.
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Donations of Qualified Intellectual Property: The Potential for an Extra Boost to the Bottom Line
When it comes to the reasons behind a charitable donation by a business, the non-tax drivers normally take center stage – from the altruistic goals of the company to the potential public relations benefits it affords them.
View MoreIRS announces tax relief for victims of Tropical Storm Helene in Tennessee; various deadlines postponed to May 1, 2025
The Internal Revenue Service announced today tax relief for individuals and businesses in parts of Tennessee that were affected by Tropical Storm Helene that began on Sept. 26, 2024.
View MoreIRS Issues Final Regulations To Modernize Process for Sale of Taxpayers’ Property
The IRS recently issued final regulations (T.D. 10011) intended to modernize the process for the government's sale of taxpayers' property after its seizure by levy.
View More401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
View MoreIRS releases tax inflation adjustments for tax year 2025
The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025.
View MoreSocial Security Wage Base, COLA Set for 2025
The Social Security Administration (SSA) recently announced that individual taxable earnings of up to $176,100 annually will be subject to Social Security tax in 2025.
View MoreImportant Notice #24-09: Tax Filing Extensions – Hurricane Helene
Consistent with the IRS’s decision to extend federal due dates to May 1, 2025, for those businesses located in a designated disaster area resulting from Hurricane Helene, the Department has extended the franchise and excise tax filing and payment due dates to May 1, 2025.
View MoreTennessee Department of Revenue To Accept Schedule G Refund Claims Until Dec. 2
After thorough review, the Tennessee Department of Revenue has decided to accept Schedule G refund claims until Monday, Dec. 2.
View MoreIRS announces new relief for taxpayers affected by terrorist attacks in Israel: 2023 and 2024 returns and payments are now due Sept. 30, 2025; other relief available
The Internal Revenue Service announced today that due to recent terrorist attacks in Israel, the agency is providing additional tax relief to affected individuals and businesses, postponing until Sept. 30, 2025, a wide range of deadlines for filing federal returns, making tax payments and performing other time-sensitive tax-related actions.
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