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August 9, 2021
Throughout the pandemic and following natural disasters, TSCPA and the AICPA worked to extend tax filing deadlines. When extensions were announced at the federal level, TSCPA worked quickly with the Tennessee Department of Revenue to make sure state tax filing deadlines were also extended accordingly. One of the extensions passed by the 112th Tennessee General Assembly was for the Tennessee franchise and excise tax.
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August 5, 2021
In response to the devastating effect of the global pandemic on the U.S. economy, Congress passed several laws (the CARES Act, CAA and ARPA) that contained trillions of dollars to stimulate the economy. The funding was received by many state and local governments as well as nonprofit entities. Many of these entities have not previously received this level of funding.
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August 5, 2021
The U.S. Department of the Treasury and the IRS recently issued Notice 2021-49, providing further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before Jan. 1, 2022, and additional guidance on miscellaneous issues that apply to the credit in both 2020 and 2021.
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July 29, 2021
The IRS recently updated its FAQs on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.
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July 28, 2021
The U.S. Small Business Administration recently published guidance to help simplify the forgiveness process for businesses and not-for-profits with Paycheck Protection Program loans of $150,000 or less.
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July 27, 2021
The IRS recently released Notice 2021-46, providing additional guidance to employers, health insurers and health plan administrators on how to provide laid-off employees temporary assistance paying for COBRA continuation coverage and claim a refundable tax credit.
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July 27, 2021
The U.S. Small Business Administration recently announced it has awarded more than $7.5 billion in Shuttered Venue Operator Grants to about 10,000 eligible entities.
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July 23, 2021
The U.S. Department of Health and Human Services recently clarified rules for single audits of nonfederal entities that received pandemic-related assistance from the Provider Relief Fund.
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July 19, 2021
The IRS recently launched a new feature that will give taxpayers digital control over who can represent them or view their tax records, a groundbreaking step in the agency's expansion of electronic options for taxpayers and tax professionals.
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July 13, 2021
The U.S. Small Business Administration recently informed lenders that it is eliminating the loan necessity review for Paycheck Protection Program loans of $2 million or greater.
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