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Tennessee Department of Revenue Updates General Voluntary Disclosure Agreement Guidance

April 14, 2023 The Tennessee Department of Revenue has recently updated its general Voluntary Disclosure Agreement guidance.

Tennessee Storm Victims Qualify for Tax Relief

April 11, 2023 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.

FASAB Issues Statement To Clarify Lease Terms

April 7, 2023 The Federal Accounting Standards Advisory Board recently issued Statement of Federal Financial Accounting Standards 61, Omnibus Amendments 2023, Leases-Related Topics II.

IRS Publishes Plan for $80 Billion in Funding

April 6, 2023 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.

Does ChatGPT Increase Cybersecurity Risk?

April 6, 2023 The past chatbots had an eerie, inhuman quality that flared the senses. Does ChatGPT increase cybersecurity risk?

IRS Revises Form 8940 To Allow Electronic Filing

April 4, 2023 The IRS recently issued revised Form 8940, Request for Miscellaneous Determination, and its instructions to allow electronic filing.

IRS Issues Guidance on Energy Communities for Bonus Credit Program

April 4, 2023 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.

Cybersecurity and Tax Season: What Tax Preparers Need To Know From the IRS

April 4, 2023 While tax preparers are likely fully boned-up on the applicable tax rules for their jurisdictions, one area they may miss has been a recent focus of the IRS: cybersecurity, and specifically, the tax preparer's duty to protect the personally identifiable information (PII) they collect when preparing the tax return.

IRS Issues Guidance and Updates FAQs on Clean Vehicle Credits

March 31, 2023 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.

IRS Issues Revenue Ruling on Irrevocable Grantor Trusts

March 30, 2023 The IRS recently issued Revenue Ruling 2023-02, intended to reduce the abuse of stepped-up basis adjustments in irrevocable grantor trusts.