This section provides continuing legal education to its members in the areas of state and federal taxation law. It also maintains a liaison with the Tennessee District of the Southeast Region of the IRS and the Tennessee Department of Revenue.
Memphis City Council members Shea Flinn and Jim Strickland will present a proposal to increase the city sales tax rate one-half percent in an effort to raise $27 million annually for Pre-K education and $20 million more to fund a city property tax reduction, the Memphis Business Journal reports. The increase would put Memphis sales tax rate at 2.75 percent, the highest rate allowed under state law. Combined with the state tax, shoppers would pay 9.75 percent on purchases.
The uncertainty of the ongoing “fiscal cliff” negotiations has resulted in a flood of work for attorneys as their clients try to plan for the future, the National Law Journal reports. Due to the potential for changes in tax rates, Medicare taxes and capital gains taxes, businesses are looking to accelerate income before the year ends to avoid uncertainty in 2013. Attorneys are presenting their clients with different year-end scenarios to prepare them better for the future.