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Important Notice #25-04: Natural Disaster Relief Refund

April 8, 2025 Tennessee provides individuals affected by any federally declared natural disaster occurring in this state with relief in the form of a sales tax refund on sales tax paid on certain items used to restore, repair, replace, or rebuild damaged or destroyed items.

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FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

March 21, 2025 The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule exempting U.S. companies and persons from reporting beneficial ownership information (BOI), while requiring foreign entities registered to do business in the U.S. to report BOI under new deadlines. This rule redefines "reporting company" to include only foreign entities and exempts domestic entities from BOI reporting requirements.

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SEC Accepts 2025 FASB Taxonomies

March 18, 2025 The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT).

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