IRS Revises 2021 Child Tax Credit and Advance Child Tax Credit FAQs
The IRS recently issued a revised set of frequently asked questions for the 2021 Child Tax Credit and Advance Child Tax Credit.
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PBGC Issues Final Rule on SFA for Financially Troubled Multiemployer Pension Plans
The Pension Benefit Guaranty Corporation recently published a final rule implementing changes to the Special Financial Assistance Program for financially troubled multiemployer pension plans.
View MoreIRS Extends Time for Certain Estates To Request Late Portability Election Relief
The IRS recently issued Revenue Procedure 2022-32, allowing certain estates to elect the portability of a deceased spousal unused exclusion amount as much as five years after the decedent's date of death.
View MoreGASB Issues Enhanced Concepts for Notes to Financial Statements
The Governmental Accounting Standards Board recently issued a Concepts Statement to guide the Board when establishing note disclosure requirements for state and local governments.
View MoreTennessee Department of Revenue Publishes 2022 Legislative Summaries
The Tennessee Department of Revenue has posted 2022 legislative summaries to its website.
View MoreThree Sales Tax Holidays in Tennessee This Year
The Tennessee Department of Revenue is reminding taxpayers that the General Assembly approved two additional one-time sales tax holidays this year, in addition to the traditional sales tax holiday that takes place each year at the end of July.
View MoreGASB Issues Proposal Requiring Disclosure of Certain Governmental Risks
The Governmental Accounting Standards Board recently issued a proposal that would require governments to disclose information about certain risks they face that could affect the level of services they are able to provide or their ability to meet obligations as they come due.
View MoreFASB Issues Standard To Improve Fair Value Guidance for Equity Securities
The Financial Accounting Standards Board recently issued Accounting Standards Update 2022-03, intended to improve financial reporting for investors and other financial statement users by increasing comparability of financial information across reporting entities that have investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities.
View MorePCAOB Releases Focus Areas for 2022 Inspections
The PCAOB recently released its Staff Overview for Planned 2022 Inspections, emphasizing 10 areas of focus.
View MoreIRS To Require Fingerprinting for Electronic Filing
As part of efforts to improve its authentication procedures, the IRS recently announced it will be mandating a new electronic fingerprinting process for e-file applications for tax practitioners starting Sept. 25.
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