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One of the Best Kept Secrets in America: Why Tennessee CPAs Should Pay Attention to the Financial Report of the United States Governmen
Jim Cooper’s Warning About America’s Most Comprehensive Financial Report In March 2011, Congressman Jim Cooper (D-TN-5) called the Financial Report of the United States Government” a more important look at the federal government that probably any other document,” yet “one of the best kept secrets in testimony to the Oversight and Government Reform Subcommittee on Government Organization, Efficiency and Financial…
AI Sameness: Are You Unique, Special, and Different?
By Samantha Mansfield The speed at which artificial intelligence (AI) can complete tasks is incredibly appealing. For years, the accounting profession has been trying to fulfill the increasing needs of clients while challenged with a lean talent bench. Given the easy accessibility and adoption of AI tools, anyone can generate summaries, draft communications, analyze data, conduct research, and even outline recommendations. But…
AI and Professional Services: a Marriage Made on Earth
Let’s pause the discussion on government policy and the economy to discuss personal finances. Earning, saving and investing areserious business in America, with accountant closely involved as they handle the numbers across the U.S. economy. That’s quite a responsibility. Our responsibility is not paltry either. At Trusco Investment Management, we serve as fiduciaries, legally responsible for doing what’s best for…
Charitable Planning for 2026
The year 2026 is pivotal for taxation shifts with the One Big Beautiful Bill (P.L. 119-21) signed into law on July 4th, 2025. The mid-year commencement limited its impact in 2025 making some of the more significant components first applicable in 2026. One of those changes, the modification of charitable contribution deductions, affects a great number of taxpayers. In this…
Family Dynamics: The Intersection of Money and Emotion
How Personal History, Relationships and Emotional Patterns Shape Financial Decisions By James M. Harris III, CFP®, CIMA®, CPWA®, CEPA® CPAs are trained to read balance sheets, but the most consequential numbers in a family’s financial life are often written in invisible ink. They appear in the silences during estate planning meetings, in the adult child who avoids opening account statements, in…
Considering Recent COSO Guidance: GenAI and the 2013 COSO Internal Control – Integrated Framework (Part 1 of 2)
Introduction Artificial intelligence (AI) has moved rapidly from an emerging technology to an established business tool, with organizations increasingly integrating AI-enabled capabilities into core processes, including financial reporting. The 2021 COSO publication, Realize the Full Potential of Artificial Intelligence, authored by Keri Calagna, Brian Cassidy, and Amy Park of Deloitte & Touche, provided organizations with guidance on leveraging the COSO…
July/August 2026 Tennessee CPA Journal
Download the Issue In this issue: Family Dynamics: The Intersection of Money and Emotion AI Sameness: Are You Unique, Special and Different? One of the Best Kept Secrets in America: Why Tennessee CPAs Should Pay Attention to the Financial Report of the United States Government Considering Recent COSO Guidance: GenAI and the 2013 COSO Internal Control - Integrated Framework (Part…
IRS simplifies penalty relief, introduces automatic process for eligible taxpayers
Issue Number: IR-2026-83 The IRS announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance. The new Automatic Exemption from Penalty (AEP) will replace the long-standing First Time Abate administrative relief beginning in summer of 2026 and is designed to simplify the…
Information Regarding Kwong v. United States
The 2025 decision from the U.S. Court of Federal Claims in Kwong v. United States (Kwong) clarified how mandatory tax relief provisions under former Section 7508A(d) apply to the postponement of tax and payment deadlines during federally declared disasters, specifically the COVID-19 pandemic. In Kwong, the taxpayer sought penalty abatements for specific tax years, but the IRS rejected these requests…
TN Dept. of Revenue hosts Free Webinar July 8 for New Business Owners
Attention, new business owners! Join the Department of Revenue on Wednesday, July 8, 2026 at 8:30 a.m. Central time for a free webinar designed for new businesses. Participants will learn about state tax obligations for new businesses in Tennessee, as well as other resources that may assist their businesses. Each new business webinar, offered quarterly, covers topics such as tax…