Tennessee CPAs lobby for licensing changes
Accounting Today
FEBRUARY 20, 2025
Members of the Tennessee Society of CPAs visited the state capital in Nashville this week to lobby for changes in the licensure and mobility laws.
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Accounting Today
FEBRUARY 20, 2025
Members of the Tennessee Society of CPAs visited the state capital in Nashville this week to lobby for changes in the licensure and mobility laws.
Cherry Bekaert
MAY 6, 2024
Tennessee Franchise Tax Refund Opportunity with New Senate Bill Taxpayers must file refund claims between May 15, 2024, and November 30, 2024, to potentially qualify for this franchise tax refund. What Is Changing with Tennessee Franchise Tax? Furthermore, taxpayers who overpaid using the previous method can expect to receive refunds.
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Cherry Bekaert
JUNE 12, 2023
Tennessee Works Tax Act Tennessee recently enacted the Senate Bill 275/House Bill 323, the Tennessee Works Tax Act , as the single largest tax cut in state history. Current law allows qualified manufacturers and financial asset management companies to elect single-sales factor apportionment.
CPA Practice
MARCH 25, 2025
The Troy, MI-based top 60 firm has expanded into Tennessee by acquiring TCG, a full-service accounting firm based in Clarksville, effective March 1.
PYMNTS
FEBRUARY 2, 2021
Hodges, known as the “Rookie Bookie” on social media, made her comments less than three months after Tennessee became the 20th state to launch sports betting on Nov. We’re growing a market of people who have never bet before in Tennessee.”. So this will scale in a big way, and I think big things are still to come for Action 24/7.”.
TaxConnex
SEPTEMBER 10, 2024
Why do the states with sales taxes have such a range, from the high combined state and local taxation (pushing 10%) of Louisiana, Tennessee, Arkansas and Washington to the lows of Alaska , Wyoming and Maine. The highest state-level rates are in California, Indiana, Mississippi, Rhode Island and Tennessee.
TaxConnex
FEBRUARY 8, 2022
Northeast Tennessee was one of those areas with local sales tax revenues growing by 20% in the latest fiscal year and are up 15% in the first five months of fiscal 2022, with the biggest gains coming in the more rural counties. Tennessee has repealed its drop shipment rule. to Colorado Springs, Colo., from Santa Barbara, Calif.,
TaxConnex
MARCH 6, 2025
States that still tax groceries at either full or reduced rates include Alabama, Arkansas, Hawaii, Idaho, Illinois, Kansas, Mississippi, Missouri, South Dakota, Tennessee and Utah.
Accounting Today
DECEMBER 22, 2023
The IRS is pushing back filing and payment deadlines for storm and tornado victims in the Volunteer State.
CPA Practice
AUGUST 23, 2023
The mission of the Tennessee Society of CPAs is to drive the success of its members and the communities they serve through connections, professional development, and advocacy. TSCPA is the premier professional association for CPAs in Tennessee,” said Kara Fitzgerald, CPA, President/CEO of TSCPA.
TaxConnex
OCTOBER 7, 2021
Tennessee has become yet another state to beat expected tax revenues. The growth rate for all Tennessee taxes in August was 22.11 This proposal is still in the early stages but stay tuned. State revenue updates. August revenues were $1.4 billion, $255.8 million more than August 2020 and $267.9 million more than budgeted estimates.
Going Concern
JANUARY 22, 2025
The US Attorney’s Office of Middle District of Tennessee put out this press release the other day, just your everyday average fraud accusation. JBS had office locations in Fairview and Nashville, Tennessee. JBS was a sole proprietorship, and Jerkins controlled its bank accounts. It is currently active until 2026.
TaxConnex
APRIL 9, 2024
Vitamins and supplements can be caught up – or excluded – as states continue to change how they levy sales tax on food and groceries: One recent sales tax holiday in Tennessee omitted dietary supplements (along with pet food, alcoholic beverages, candy and any food sold warm).
TaxConnex
NOVEMBER 3, 2020
The Tennessee Department of Revenue has added three FAQs to its website discussing the taxability of pre-recorded videos of online courses. A pre-recorded video of a previously livestreamed online course that is accessed by subscribers or consumers in Tennessee is subject to sales tax as the sale of access to a specified digital product.
TaxConnex
JULY 8, 2021
Another new Tennessee holiday, for instance, runs from July 1 through June of next year and eliminates sales tax on purchases of such items as gun safes and gun safety devices. exempt firearms, ammunition, and hunting supplies from sales tax. Some sales tax holidays last only a few days, others a week. Massachusetts Gov.
TaxConnex
AUGUST 22, 2024
Meanwhile, the Tennessee Works Tax Act kicked in on July 1 as the state adopted Streamlined Sales Tax sourcing rules for a retail sale of a product from outside of Tennessee into the state. Generally, if the goods move outside of Tennessee during the lease period, the recurring periodic payments are considered exempt interstate sales.
TaxConnex
FEBRUARY 8, 2024
Among other reasons for rate changes: Speaking of political tax breaks, exempting groceries from sales tax continues to be popular ( Kansas and Tennessee are among the latest states to greenlight such exemptions).
PYMNTS
JULY 6, 2020
Tennessee Titans season ticket members will be able to choose to not be a part of this year’s season and put existing payments toward next year’s season or secure a reimbursement for the amount they’ve paid for this year’s tickets, among options to be presented to fans, according to a statement.
TaxConnex
SEPTEMBER 17, 2020
Tennessee will lower its nexus threshold on Oct. Online sales accounted for $166,000 in online sales tax in June. In Oklahoma , “a small increase” online sales helped partially offset a 4.6% slide in the state’s sales tax receipts in August compared with the same month a year ago.
CPA Practice
AUGUST 6, 2024
The Tennessee Society of Certified Public Accountants (TSCPA) honored its top members in six different categories at its 93rd Annual Meeting and Convention held in Kingsport, Tennessee, on June 11-13, 2024. The award is given in two categories, Experienced Leaders and Emerging Leaders.
Going Concern
SEPTEMBER 21, 2023
The alert, which was shared by both TDCI and the Tennessee Board of Accountancy, advises clients how to proceed now that JD Frost & Company/Croft & Frost/Dumpster Fire PLLC is no more. Frost, we encourage you to file a complaint with the Tennessee State Board of Accountancy at core.tn.gov.
TaxConnex
MAY 7, 2024
Tennessee tax revenues exceeded estimates in March. The DOR examined whether the charges for digital textbooks are taxable as “communication services,” determining finally that students who purchase the digital textbooks are given an access code, which makes available only the digital textbook that they have purchased or rented. billion, $55.1
Accounting Today
SEPTEMBER 4, 2024
The Massachusetts Society of CPAs teamed up with the Indiana Society of CPAs, the Tennessee Society of CPAs and CPA Crossings to highlight the competencies deemed essential for aspiring CFOs.
TaxConnex
APRIL 12, 2022
Tennessee has ruled that industry machinery used in quarries where raw materials are mined is exempt from sales and use taxes. is proposing an exemption from gross receipts tax for sales of “enterprise information technology equipment” and software exceeding $2 million used in South Dakota data centers.
MyIRSRelief
MAY 24, 2023
IRS Help for individual & business taxpayers in: New York City, New York Los Angeles, California Chicago, Illinois Houston, Texas Phoenix, Arizona Philadelphia, Pennsylvania San Antonio, Texas San Diego, California Dallas, Texas San Jose, California Austin, Texas Indianapolis, Indiana Jacksonville, Florida San Francisco, California Columbus, Ohio (..)
TaxConnex
JANUARY 27, 2022
Arkansas, Kansas, Pennsylvania, Tennessee, Texas and Florida were the latest states to report sales tax revenue shattering predictions. It’s estimated that within 20 years, 95% of all purchases will be through e-commerce. Domestically, that’s turned into a lot of tax revenue. Local jurisdictions from Geneva, N.Y., to Santa Barbara, Calif.,
CPA Practice
JANUARY 17, 2023
Tennessee: The Tennessee Society of CPAs (TSCPA) recently released its Updated Fiscal Year 2021 Tennessee Tax Credit Report which provides a detailed list of all credits claimed for tax periods July 1, 2020 to June 30, 2021. Shapiro’s first budget proposal.
TaxConnex
MAY 23, 2023
Diapers and groceries are taxed in Hawaii, Idaho, Utah, Kansas, Missouri, Oklahoma, Arkansas, Tennessee and Alabama, Mississippi and South Dakota. California, Idaho, South Carolina, Tennessee and Virginia exempt clothing sales for some nonprofits. Playing dress-up Clothing is taxable in most states and the District of Columbia.
Cherry Bekaert
APRIL 22, 2024
However, all job creation incentives typically require: 1) A minimum net job increase 2) Maintained jobs 3) Operations in certain industries or activities Jobs Tax Credits may be claimed on a retroactive basis in Georgia, South Carolina, Mississippi, Tennessee and Virginia in any open tax years.
CPA Practice
OCTOBER 1, 2024
The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 26 in Tennessee. 22, 2024, in Alabama; Sept. 23 in Florida; Sept.
TaxConnex
APRIL 6, 2021
Tennessee finance leaders might have overpredicted COVID’s impact on the state’s revenue: February tax collections were 11% higher than the same month in 2020, just before the pandemic disrupted the economy. All transactions that are exempt from sales tax are also exempt from use tax. Additional situations are exempt from use tax.
CPA Practice
SEPTEMBER 13, 2024
The Tennessee Society of CPAs (TSCPA) is pleased to award $280,000 in scholarships through the TSCPA Educational & Memorial Foundation to 128 Tennessee accounting students. State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories.
CPA Practice
OCTOBER 10, 2024
3 that was attended by members from the Georgia Society of CPAs, North Carolina Association of CPAs, South Carolina Association of CPAs, Tennessee Society of CPAs, and the Virginia Society of CPAs on disaster recovery. Tennessee Society of CPAs TSCPA is providing news and resources to its members on a disaster assistance/recovery webpage.
TaxConnex
NOVEMBER 11, 2021
Tennessee has posted a sales tax letter ruling that an online cloud-based platform’s charges to commercial freight transportation brokers and carriers were not subject to sales tax. Left unclear was the reg’s effective date and whether the state will seek to apply it retroactively.
PYMNTS
APRIL 16, 2020
Students at the University of Tennessee, Knoxville, are receiving over $15 million in refunds following the move to internet classes, the Knoxville News Sentinel reported. When we can do that for less cost, we believe returning money to our clients is the right thing to do, especially during challenging times.”.
TaxConnex
MARCH 21, 2024
The Foundation found that the five states with the highest average combined state and local sales tax rates are Louisiana (9.56%), Tennessee (9.55%), Arkansas (9.45%), Washington (9.38%) and Alabama (9.29%).
TaxConnex
OCTOBER 18, 2022
California, Idaho and Tennessee exempt only clothing sales for some nonprofits, for example. States like Kansas and Tennessee are among the latest to pass such exemptions. Our Halloween-month look at tricky items for sales tax continues here with a few items it’s hard to live without….
TaxConnex
JULY 15, 2021
Tennessee now has two more sales tax holidays in 2021, in addition to the traditional sales tax holiday on clothing, school supplies and computers. North Carolina revenue collections for the year ending June 30 will be $1.9 billion more than once anticipated.
TaxConnex
AUGUST 2, 2022
Tennessee also has a holiday on gun safes and safety devices that runs all the way to June 30, 2023. Tennessee will also have a sales tax holiday the entire month of August on food and food ingredients (not including alcoholic beverages, tobacco, candy, dietary supplements and prepared food).
TaxConnex
OCTOBER 3, 2023
Highs and lows: According to The Tax Foundation’s most recent analysis , the five states with the highest average combined state and local sales tax rates are Tennessee (9.548%), Louisiana (9.547%), Arkansas (9.44%), Washington (9.4%) and Alabama (9.24%). billion for August, $39.4 million less than estimated and $1.7
MyIRSRelief
MAY 24, 2023
IRS Help for individual & business taxpayers in: New York City, New York Los Angeles, California Chicago, Illinois Houston, Texas Phoenix, Arizona Philadelphia, Pennsylvania San Antonio, Texas San Diego, California Dallas, Texas San Jose, California Austin, Texas Indianapolis, Indiana Jacksonville, Florida San Francisco, California Columbus, Ohio (..)
TaxConnex
JUNE 27, 2024
Oklahoma has clarified the definition of “prepared food” and added definitions for “bottled water” and “food sold with eating utensils provided by the seller” for its sales tax exemption. The state’s magazine and book distribution exemption is discontinued.
CPA Practice
MARCH 21, 2023
Consider Memphis, Tennessee. The state of Tennessee doesn’t tax earned income. That’s especially true with slowing wage gains and nearly two years of persistent inflation. So, where should you live if you want to maximize your salary? SmartAsset, a consumer-focused financial information provider, analyzed 76 of the largest U.S.
CPA Practice
APRIL 22, 2024
The eight states are Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. You can see every state’s data here. _ ©2024 Advance Local Media LLC. Visit al.com. Distributed by Tribune Content Agency LLC.
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