Section 118 provides “[i]n the case of a corporation, gross income does not include any contribution to the capital of the taxpayer.” The regulations promulgated under Section 118 under prior law provide, with respect to...more
5/17/2018
/ Capital Contributions ,
Corporate Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Property Tax ,
Shareholders ,
Tax Cuts and Jobs Act ,
Tax Incentives ,
Tax Increment Financing ,
Tax Reform ,
Trump Administration
In addition to Tennessee’s passage of the IMPROVE Act (Improving Manufacturing, Public Roads and Opportunities for a Vibrant Economy) also known as the “2017 Tax Cut Act,” 2017 Tenn. Pub. Acts 181, featured in our State and...more
6/27/2017
/ Department of Revenue ,
Economic Presence Nexus ,
Excise Tax ,
Franchise Taxes ,
Internet ,
Internet Retailers ,
Legislative Agendas ,
Proposed Legislation ,
Reporting Requirements ,
Soccer ,
State and Local Government ,
State Taxes ,
Tax Credits
Tennessee Governor Bill Haslam recently signed into law the “Improving Manufacturing, Public Roads and Opportunities for a Vibrant Economy (IMPROVE) Act” or the “2017 Tax Cut Act” (the “Improve Act”). ...more
Effective January 1, 2015, the method of issuing tax assessments and the informal conference process available to taxpayers will be revamped. 2014 Tenn. Pub. Acts 854. Touted as being more taxpayer-friendly, the two most...more
The Tennessee Department of Revenue has issued Notice 13-06 to clarify the tax treatment of single-member limited liability companies (SMLLCs) owned by entities checking the box to be treated as corporations for federal tax...more
With Davidson County and several other Tennessee counties in reappraisal years, we remind Tennessee property owners that now is the time to request an appointment to appeal real or personal property assessments if you...more
5/9/2013
The Tennessee General Assembly recently passed a significant revision to the Tennessee Business Tax, a locally imposed gross receipts tax on the sale of goods and services (SB183/HB177). This change follows legislation...more
The Tennessee Court of Appeals ruled on January 2, 2013 that a tenant was required to pay its landlord’s Tennessee excise tax liability, based on the terms of the applicable lease agreement. J-Star Holdings, LLC v. The...more
The Assessment Appeals Commission (“AAC”) of the Tennessee State Board of Equalization has reversed a 2011 administrative law judge decision, holding that intangible costs (such as freight, installation, engineering costs and...more
The Tennessee Department of Revenue has released a legislative proposal with the stated intent of clarifying the application of the locally-imposed business tax to out-of-state businesses while also codifying an existing...more