Tennessee Department of Revenue Updates General Voluntary Disclosure Agreement Guidance
The Tennessee Department of Revenue has recently updated its general Voluntary Disclosure Agreement guidance.
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Tennessee Storm Victims Qualify for Tax Relief
Tennessee counties affected by the March 31 and April 1 severe storms (Cannon, Hardeman, Hardin, Haywood, Lewis, Macon, McNairy, Rutherford, Tipton and Wayne) have received tax deadline extensions to July 31, 2023, from the IRS for various federal deadlines and the Tennessee Department of Revenue for the franchise and excise deadline.
View MoreIRS Publishes Plan for $80 Billion in Funding
The IRS recently published its strategic operating plan, detailing the agency’s plans for spending the $80 billion it received in funding over the next decade from the Inflation Reduction Act of 2022.
View MoreIRS Revises Form 8940 To Allow Electronic Filing
The IRS recently issued revised Form 8940, Request for Miscellaneous Determination, and its instructions to allow electronic filing.
View MoreIRS Issues Guidance on Energy Communities for Bonus Credit Program
The IRS recently issued Notice 2023-29, describing certain rules the IRS intends to include in forthcoming proposed regulations for determining what constitutes an energy community for the production and investment tax credits provided under the Inflation Reduction Act.
View MoreIRS Issues Guidance and Updates FAQs on Clean Vehicle Credits
The IRS recently issued a proposed regulation related to certain requirements that must be met for critical minerals and battery components for the new clean vehicle credit, as well as updated the FAQs for the clean vehicle credits.
View MoreIRS Issues Revenue Ruling on Irrevocable Grantor Trusts
The IRS recently issued Revenue Ruling 2023-02, intended to reduce the abuse of stepped-up basis adjustments in irrevocable grantor trusts.
View MoreIRS Revises Form 1099-K FAQs
The IRS recently revised frequently asked questions for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet FS-2023-06.
View MoreIRS Publishes FAQs on Medical Expenses Related to Nutrition, Wellness
The IRS recently posted frequently asked questions addressing whether certain costs related to nutrition, wellness and general health are medical expenses that may be paid or reimbursed under a health savings account, health flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement.
View MoreTop 5 Errors CPAs (or Their Providers) Are Making When Calculating the ERC
About 1 ½ years ago, I wrote an article about the “10 Biggest Myths (Missed Opportunities) of the Employee Retention Credit (ERC).”
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