Recent News

16 December 2022

Maximum 401(k) Contribution Increased by Record Amount for 2023 as Inflation Surges

The Internal Revenue Service is boosting the amount that Americans can contribute to their 401(k) plans in 2023 amid a surge in inflation. Also included are Section 457 plans, which are available t...

28 September 2022

How High Inflation May Affect You Tax-Wise for 2023

Each year, the IRS calculates inflation adjustments for various tax provisions for the following tax year. Typically, the inflation adjustments for the upcoming tax year are announced in earl...

24 August 2022

President Biden Signs Inflation Reduction Act

On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 (the “Act”) into law. The bill passed Congress with a vote of 220-207 in the House, and 51-50 in...

01 August 2022

ROTH IRA – IS IT A GOOD TIME TO CONVERT?

As stock market values have fallen recently, many taxpayers are considering converting assets in their traditional IRA to a Roth IRA. Current laws allow taxpayers to contribute a maximum of $...

11 February 2022

Did You Receive Advance Child Tax Credit Payments From the IRS in 2021?

The American Rescue Plan Act of 2021 (“ARPA”) included modifications to a number of existing tax provisions, including a significant overhaul of the child tax credit for the 2021 tax ye...

14 December 2021

Manufacturing Collierville-based Mueller Industries adds longtime Memphis finance exec, former JCAP CFO William Drummond to board

This article originally appeared in the Memphis Business Journal Mueller Industries Inc. has added a new member to its board of directors — and he’s worked in the Memphis- area fin...

30 September 2021

Summary of Tax Proposals Released by House Ways & Means Committee on September 13, 2021

On September 13, 2021, the House Ways and Means Committee released draft legislative text of tax proposals contained in a $3.5 trillion spending and tax package that would advance many of President...

14 December 2020

IRS Rules for Filing Form 1099-Misc and Form 1099-NEW for the 2020 Tax Year

1099-MISC & 1099-NEC Below is important information regarding Internal Revenue Service requirements for issuing Form 1099-MISC and Form 1099-NEC for the 2020 tax year. Form 1099-NEC is...

31 July 2020

Tennessee Department of Revenue to Provide Two TN Sales Tax Holidays in 2020

Mark your calendars! For 2020 only, the Tennessee General Assembly has approved two sales tax holiday weekends to help Tennesseans save money and support the economy amid the COVID-19 pandemic. T...

16 April 2020

Treasury and Federal Reserve Announce Main Street Lending Program For Small and Midsize Businesses

On April 9, 2020, the Department of the Treasury and the Federal Reserve Board announced additional incentives geared toward promoting maximum employment and stabilizing the economy, including a $6...