BCS BLOG

December 8, 2017

SHORT TERM RENTAL OF VACATION LODGING

By Gina Lemons The Tennessee Department of Revenue recently issued notices regarding taxability of short term rental of vacation lodging. For sales tax purposes, a short term rental is one that lasts between one and 89 days. If the owner of a Tennessee property offers short term vacation rental through websites, such as vrbo.com, Airbnb.com, […]
November 29, 2017

TN DEPT. OF REVENUE PROBLEM RESOLUTION OFFICE

By Amy Culler As a taxpayer or tax professional, there are times when it is necessary to contact the Department of Revenue, and oftentimes, the answers received leave us with more questions. In order to combat this, the Tennessee Department of Revenue has created the Problem Resolution Office whose sole purpose is to further investigate […]
November 16, 2017

Fraud and Forensics

By Karen McMurray At BCS, we hope that you never need our services in this area, but if you do, we can help. We would rather help you establish sound internal controls to help prevent fraud, but realize that even in the best of situations, it can still occur. We have three Certified Fraud Examiners […]
November 7, 2017

FINANCIAL STATEMENTS, COMPILATION, REVIEW OR AUDIT – WHICH ONE DO YOU NEED?

By Oluchi Taylor Organizations are often required to provide their financial statements to lenders, investors, regulatory agencies, or other third parties. Different levels of service can be provided related to an organization’s financial statements. What level of service does your organization need? You should work with your external auditor to determine what your needs are. […]
September 18, 2017

Personal Finance Series

Starting this week, BCS is hosting a six-week seminar series at Summit Leadership in Johnson City. This series will cover budgeting, credit and loans, insurance, investing, retirement and estate planning. While this series is geared toward young professionals, anyone is welcome. If you or anyone you know is interested, more information can be found at […]
September 5, 2017

CONSTRUCTION CONTRACTORS: UNDERSTANDING YOUR MONETARY LIMIT

By Jeremy Wright Back in August of 2016, BCS wrote a blog on how to obtain your contractor’s license. Today, we would like to discuss a contractor’s licensed monetary limit. What is a Monetary Limit? The Construction Contractor Application Package for the State of Tennessee describes the monetary limit as “the total dollar amount per […]
August 31, 2017

TNTAP – LOGIN NOW REQUIRED

By Amy Culler There is an important change to the TNTAP website effective September 1, 2017 that will affect anyone filing their monthly sales tax returns online without creating a login. Effective September 1, 2017, the TNTAP website will no longer offer the option to file without creating a login. There are instructions and demos […]
July 24, 2017

How to Pay Federal Tax Payments Online

By Jill Bickford IRS DIRECT PAY Link: https://www.irs.gov/payments/direct-pay Using this method, the taxpayer will be asked to verify their identity by using a prior year tax return (Filing status, name, social, date of birth and address used on the tax return). Example: Verification year is 2016 – taxpayer will use 2016 information filed on that […]
July 5, 2017

TNPAWS – MAKING YOUR PAYMENT

By Sherri Dugger When you file your 2nd quarter Tennessee State Unemployment Tax Return via TNPAWS, please be aware that there are now only options available to file and PAY your Quarterly Wage and Premium Reports online. Paying online is not yet a mandatory requirement, however, it will be in the near future. If you […]
June 20, 2017

WHAT IS BASIS?

By Sarah Presnell WHAT IS COST BASIS AND WHY DOES IT MATTER? Determining basis can be confusing whether the transaction is simple or complex. It is easier to determine basis when an asset is first acquired rather than determining basis at the time the asset is sold. Therefore, the purpose of this article is to […]