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February 15, 2018

ITEMIZED DEDUCTIONS & THE NEW TAX LAW

This is part 4 in a 5 part series about the Tax Cuts & Jobs Act. By Travis McMurray One of the most significant provisions in the new tax law is the dramatic increase in the standard deduction. This change alone will simplify tax filings for many taxpayers. However, for taxpayers who will still be […]
February 8, 2018

WHAT NONPROFITS NEED TO KNOW ABOUT THE NEW TAX LAW

This is part three of a five part series about the Tax Cuts and Jobs Act. The number of taxpayers who itemize deductions on their federal tax return — and, thus, are eligible to deduct charitable contributions — is estimated by the Tax Policy Center to drop from 37% in 2017 to 16% in 2018. […]
January 30, 2018

MOST INDIVIDUAL TAX RATES GOING DOWN IN 2018

This is part 2 of a four part series about the Tax Cuts and Jobs Acts. You can find part one here. The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and […]
January 24, 2018

TAX CUTS AND JOBS ACT: KEY PROVISIONS AFFECTING INDIVIDUALS

This is part one of four planned weekly updates about the Tax Cuts and Jobs Act. On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers. The following is […]
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 […]
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 […]