Senate Passes Inflation Reduction Act
The U.S. Senate recently passed the $437 billion Inflation Reduction Act, a bill focusing on President Joe Biden’s domestic agenda items of tax, climate and health care.
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IRS and Treasury Issue Final Regulations on Partnership Basis Elections
The IRS and the U.S. Treasury Department recently issued final regulations (T.D. 9963) stating that partnerships electing to adjust the basis of partnership property under Sec. 754 do not have to include a signature on their election statement.
View MoreMarketing Strategies That Fit Your Firm
Marketing strategies can integrate both new and traditional methods. Most importantly, choosing marketing strategies that fit your firm would be best.
View MoreTIGTA Report Addresses IRS Business Fraud Detection Efforts
The Treasury Inspector General for Tax Administration has recently released a report evaluating the IRS’ business identity theft and tax fraud detection efforts.
View MoreIRS Offers Kentucky Storm, Flooding Victims Tax Relief and Extends Deadlines
The IRS recently announced that storm victims in parts of Kentucky now have until Nov. 15, 2022, to file various individual and business tax returns and make tax payments.
View MoreTSCPA Awards $285,000 in Scholarships
The Tennessee Society of CPAs (TSCPA) is pleased to award $285,000 in scholarships through the Educational & Memorial Foundation of TSCPA to 111 students attending colleges or universities throughout Tennessee.
View MoreCongress Passes CHIPS and Science Act
The U.S. House of Representatives recently passed the Senate’s version of a bill known as the CHIPS and Science Act.
View MoreTIGTA Releases Report Assessing Child Tax Credit Online Portal
The Treasury Inspector General for Tax Administration released a new report assessing the capabilities of the IRS Child Tax Credit online portal that was launched for the expanded CTC implemented by the American Rescue Plan Act of 2021.
View MoreFederal Reserve Raises Rates by Three-quarters of a Percentage Point
The Federal Reserve recently issued its second consecutive 0.75 percentage point interest rate increase as part of its efforts to reduce inflation.
View MoreIRS Issues Statement on Joint Return Balance-due Notice Errors
The IRS recently released a statement acknowledging some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.
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