Tax

Tax News & IRS Insights for Accounting Professionals

Accounting Today delivers news and analysis for accounting and tax professionals on federal and state tax developments, IRS guidance,information reporting, and operational implications for practices and clients. Our coverage focuses on legislative and procedural shifts that tax practitioners must monitor in planning, compliance, and advisory contexts.

Tax practice

In the Blogs: At Your Service

Highlights of some of our favorite tax-related blogs from the past week.

July 17
Financial planning

Tax Strategy Scan: Earn with Owing Tax

Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.

July 15
Tax practice

Democrats Assail Wall Street with Plan That May Hit Mom and Pop

Democrats are courting progressive-minded Americans by calling for a tax on Wall Street trades. If the party succeeds, the mom-and-pop investors theyre wooing could bear the brunt.

July 14
Tax practice

Clinton Aims Party's 'Wall Street' Tax at Flash Boys, Not Banks

The Democratic Partys proposed 2016 platform supports a financial transaction tax on Wall Streetbut presumptive nominee Hillary Clinton is focused on a narrower approach that isnt likely to target big banks.

July 14
Tax practice

Muni Tax Exemption Risks Becoming Target as Ownership Narrows

Municipal bonds are becoming concentrated in a fewer number of hands and that may not be good for bondholders and states and local governments.

July 14
Tax practice

Tax Savings from a Home Office

Tips on how to make working at home pay, from the Illinois CPA Society

By Daniel Hood
Editor-in-chief

July 13
Tax practice

U.S. Treasury Chief Lew Set for Apple Tax Showdown with EU

U.S. Treasury Secretary Jacob J. Lew is set to meet with European Union antitrust chief Margrethe Vestager this week as she prepares to deliver a final verdict on a probe into Apple Inc.s tax affairs in Ireland.

July 13

Resources

The latest Accounting Today research and discussion:

Web Seminar The most important supply for tax firms isn't found on shelves

In this webinar, we'll show you how tax and accounting professionals are leveraging new technologies to make their firms more efficient and to stay ahead of competitors.

Partner Insights from Thomson Reuters
Web Seminar The psychology of a modern tax workflow: Reducing anxiety, decision fatigue & compliance risk

In this session you'll learn practical, firm-tested principles to reduce confusion, improve predictability, and strengthen both client and staff confidence.

Partner Insights from SmartVault
Web Seminar Tax Planning for 2027

This webinar will look at key opportunities and stumbling blocks for practitioners

Sponsored by 8am CPACharge

Tax: Key Questions & Analysis:

What IRS guidance on forms and information reporting should practitioners prioritize?

The IRS continues to update thresholds and instructions for critical tax forms. This includes changes to information reporting requirements and guidance on evolving reporting standards, affecting 1099, W-2 and similar reporting obligations.

What procedural developments affect IRS automatic change consent for method changes?

Tax professionals must understand which accounting method changes qualify for automatic consent versus advance consent. This determines whether a Form 3115 must be filed with IRS National Office or via automatic procedures.

How are tip-related tax provisions evolving under current policy?

New tax provisions related to tip income will impact how service industry clients and payroll units handle tax reporting and compliance. This includes draft schedules and withholding considerations.

What IRS guidance will shape compliance for the 2026 filing season?

Practitioners will need to understand procedural updates, forms changes, and reporting shifts that will affect compliance workflows and client expectations for the 2026 filing season. This includes the implementation timeline for new schedules and reporting requirements as well as for emerging areas such as crypto broker reporting.