Based upon a recent federal court decision taxpayers (including individuals, businesses, trusts and estates) may have an opportunity to request a refund or abatement of certain penalties and interest charged by the IRS during the COVID-19 disaster period.

Tennessee local governments, boards of education, utility districts, nonprofit organizations, and CPA firms that submit audit reports to the Tennessee Comptroller’s Office should begin preparing now for a significant change in how publicly released audit reports are prepared and submitted.

Making estimated tax payments throughout the year can help reduce penalties and prevent unexpected tax bills at filing time.

The judgments made around grants, contracts, donor restrictions, and conditions directly affect financial reporting, operational planning, compliance, and stakeholder communication.

Given the continued rise in IRS-related scams, we encourage all clients to remain vigilant when reviewing any tax-related correspondence.