The Tennessee General Assembly has approved roughly $400 million in tax cuts for Tennessee families and businesses through Senate Bill 275/House Bill 323, the Tennessee Works Tax Act.  

The legislation includes a three-month grocery tax holiday and a paid family leave tax credit for companies to support Tennessee families. It also provides tax relief for Tennessee businesses and increases the state’s economic competitiveness through several changes to Tennessee’s tax laws. Most of these legislations are to be effective tax year ending in Dec 31, 2024, however, some are effective the current

Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions. This means that many individuals who formerly itemized may now find it more beneficial

There are a lot of tax provisions and updates for individuals and businesses that have been included in the Act that was signed into law on Sunday Dec 27, 2020. These are only some important ones that will probably affect most taxpayers. I am urging everyone to choose their tax accountant very carefully this year.

You complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year and when your personal or financial situation changes. The current W-4 form requests taxpayers to note the total amount of allowances they’re claiming, more allowances leads to less tax

The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their

Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates.  The deduction may also be claimed on certain dividends.  Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they

More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the

WASHINGTON – With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new tax law changes may affect them. The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual

WASHINGTON — The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers may continue to deduct 50 percent of

WASHINGTON — Today the IRS announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. In addition, eligible employers who set up qualifying paid family leave programs or amend existing programs by Dec. 31, 2018, will be eligible