eAlerts
May 3, 2012
Tuesday, the Tennessee legislature approved the repeal of the Tennessee gift tax with a retroactive effective date of January 1, 2012. Governor Haslam has indicated his intent to sign the bill into law.
This is great news!
After the bill is signed we will send out additional information including planning tips and ideas.
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RE: Letters from Amazon.com
Amazon, under an agreement with the State of Tennessee, has started sending notices to customers in the state detailing their purchases for 2011. Under this agreement, they will continue to notify customers of their potential Tennessee use tax liability until January 2014, at which time Amazon will be required to collect Tennessee sales tax. read more »
The Internal Revenue Service has announced that tax-exempt organizations with January and February filing due dates will have until March 30, 2012, to file their annual returns. The part of the e-file system that processes electronically filed returns of tax-exempt organizations will be off-line during January and February.
Writing Off Bad Debts Just Got Easier and Better!!
read more »
In late December 2010, the IRS announced it would delay processing of some tax returns in order to update processing systems to accommodate the late tax law changes.
Good news! As of Monday, February 14, 2011, the IRS began accepting and processing both e-file and paper tax returns. (These include itemized deductions on Form 1040, Schedule A, deductions for state and local sales tax, higher education tuition and fees, and educator expenses.)
By a vote of 277-148, the House of Representatives late December 16th
passed the Senate-approved Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act),
thus clearing it for the President's signature. The 2010 Tax Relief Act
extends for two years the Bush-era tax cuts. Other significant provisions
include:
The Small Business Jobs Act of 2010 (SBJA) has just been passed by Congress, and it benefits more than just small businesses. It also provides tax-saving opportunities for larger businesses and individuals — including small-business investors, the self-employed and employees saving for retirement.
Changes affecting businesses read more »
Flood
Loss Victims
Did your home, business buildings or land have major damage from the 2010
floods? If so, then you can ask for a review of your property tax assessment.
If the value of your home or business has gone down, you will pay less tax.
Davidson County residents can ask for a review by September 1, 2010. read more »
August Sales Tax Holiday Provides Big Savings for All Tennesseans
NASHVILLE – The fifth annual Sales Tax Holiday is scheduled for Friday, August 6 and continuing through Sunday, August 8.The Department of Revenue is reminding Tennessee shoppers that during these three days of savings, you can save almost 10 percent on tax-free clothing, school and art supplies and computer purchases. read more »
