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...

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...

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 $...

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...

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 fi...

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...

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...

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...

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...

Business Tax Relief Under the CARES Act

Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the "Act") on March 27, 2020. The $2.2 trillion price tag for tax relief and incentives for individuals and...