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Tax Refund Process and Related Points Resulting from Constitutional Issue with Franchise Tax

A compromise version of House Bill 1893/Senate Bill 2103 was passed by both Legislative Chambers on April 25, 2024 (the Bill). Subject to Governor Lee signing the Bill into law (which is expected to occur), the following is...more

Potential Tax Refunds Resulting from Constitutional Issue with Franchise Tax

Commissioner of the Tennessee Department of Revenue (Department), David Gerregano, recently testified before the Revenue Subcommittee of the Senate Finance, Ways and Means Committee, regarding the Department's proposed...more

Summaries Released of Select Informal Conference Decisions

The Tennessee Department of Revenue (Department) recently posted certain selected informal conference summaries which provides taxpayers with insight into how the Hearing Office will address various issues arising under...more

Legislation Filed Addressing Potential Constitutional Issue with Franchise Tax

On January 22, 2024, Tennessee Governor Bill Lee's administration filed House Bill 1893 in the 2024 Session of the 113th General Assembly. The apparent purpose of House Bill 1893 is to address the potential constitutional...more

Legislation To Be Filed Addressing Potential Constitutional Issue with Franchise Tax

On January 4, 2024, Tennessee Governor Bill Lee announced plans to amend the Tennessee franchise tax to simplify the calculation of the franchise tax to "in effect give tax relief to businesses that are invested in our...more

Spotlight on Tennessee: Summaries Released of Select Informal Conference Decisions

On April 5, 2023, the Tennessee Department of Revenue (Department) posted to its website certain selected informal conference summaries. As noted in this posting, the Department chose several topics of interest for this...more

The Qualified Business Income Deduction: Proposed Regulations Shed Light on Several Key Issues

The 2017 tax reform bill created a new deduction for owners of pass-through entities (partnerships, LLCs taxed as partnerships, S corporations, and sole proprietorships) of up to 20 percent of their "qualified business...more

Spotlight on Tennessee: After Wayfair, Sales and Use Tax Compliance for Tennessee E-Commerce

The U.S. Supreme Court's decision in South Dakota vs. Wayfair, Inc. et al. represents a significant change in the sales tax collection and remitting responsibilities of all businesses, large and small, selling at retail...more

Major Changes in Taxation of Business Under Tax Cuts and Jobs Act: Is Pass-Through Right for You?

Effective for tax years beginning in 2018, the tax rates for C corporations will be reduced from 35 percent to 21 percent. The stated top rate for individuals, trusts and estates, including owners of pass-through businesses,...more

No Business Left Behind - New Tax Bill Ushers in Significant Changes for All Companies

Long a priority of the Republican Party, the final tax cut bill includes significant simplification and lowering of the taxes paid by corporations. The bill eliminates the corporate Alternative Minimum Tax, creates a new tax...more

Year-End Tax Planning in Light of Republican Tax Proposal

No one knows which provisions in the House tax bill, released on November 2, 2017, will change before enactment or if any major tax bill will actually be enacted. To offset lower rates and higher standard deductions, many...more

Spotlight on Tennessee: Department of Revenue Proposes Tax Regulations

The Tennessee Department of Revenue (the Department) is in the process of proposing a wide range of regulations addressing current state tax laws. The purpose of this project is to promulgate new regulations to clarify and...more

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