IRS Revenue Ruling Provides Prescribed Rates for Federal Income Tax Purposes
The IRS recently issued Revenue Ruling 2019-07 that provides various prescribed rates for federal income tax purposes.
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FASB Issues Proposal and Invitation to Comment on Deferred Revenue in Business Combinations
FASB recently issued a proposed Accounting Standards Update and Invitation to Comment on the recognition and measurement of deferred revenue in business combinations.
View MoreTSCPA Hosts Reception for 111th Tennessee General Assembly
On Tuesday, Feb. 12, TSCPA hosted a Legislative Reception in Nashville. Members from across the state came out to discuss issues and bills that could impact the CPA profession with their senators and representatives.
View MoreBonus Depreciation Safe Harbor Rules for Vehicles Issued by IRS
The IRS recently provided a safe harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100 percent additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles under Sec. 280F (Rev. Proc. 2019-13).
View MoreFASB Proposes Transition Relief for Credit Losses Standard
FASB recently proposed a standard that is designed to ease the transition to its new credit losses standard by providing an option to measure certain types of assets at fair value.
View MoreIRS Provides Advice for Taxpayers and Tax Professionals as Operations Resume
IRS employees returned to work Jan. 28 following the government shutdown and are working hard to resume normal operations to help taxpayers as much as possible.
View MoreIRS Issues Final Regulations on Section 199A Pass-Through Deduction and Walter Nunnallee to Present on Updates
The Treasury Department and IRS recently issued final regulations and three related pieces of guidance implementing the new qualified business income deduction, also known as the Section 199A pass-through deduction, of the Tax Cuts and Jobs Act.
View MoreIRS Waives 2018 Tax Penalty for Many Taxpayers
The IRS announced recently that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
View MoreIRS Confirms Tax Filing Season to Begin Jan. 28
The IRS has confirmed it will process tax returns beginning Jan. 28, 2019 and provide refunds to taxpayers as scheduled.
View MoreIRS Offers Tips to Reduce CAF Number Errors and Better Protect Data
The Internal Revenue Service recently outlined common errors that may delay processing of Centralized Authorization File numbers as well as reminded tax professionals of steps they should take annually to help protect their number from misuse.
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