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.

  • Congratulations, now that you’ve made it through the end of busy season and managed to put all of those long evenings in the office in the rear-view mirror, it’s time to get back to business. Now is a great time to revisit your firm’s strategic plan for 2016.

    May 20
  • Now that it’s springtime and the birds are chirping, it’s important for your tax clients to consider education-related expenses when applying for federal financial aid.

    May 20
  • The American Institute of CPAs has sent a comment letter to the Internal Revenue Service about Notice 2015-54, Transfers of Property to Partnerships with Related Foreign Partners.

    May 20
  • The Internal Revenue Service is planning to begin testing as early as next week a more secure version of the online “Get Transcript” app that was taken down last year when the IRS discovered it had been used by hackers to access hundreds of thousands of tax returns.

    May 19
  • Although the initial flurry of publicity surrounding the leak of the Panama Papers has subsided somewhat, the release serves as a reminder that there’s a real problem for taxpayers still holding offshore accounts that they haven’t reported, according to Ivan Golden, an attorney at Schiff Hardin LLP.

    May 19
  • Thomson Reuters has released a new version of its ONESOURCE Operational Transfer Pricing software that uses big data technology to automate, track and analyze the transfer pricing process.

    May 19
  • The European Union, locked in a tax battle with the likes of Apple Inc. and McDonald’s Corp., laid down the law in its bid to rein in governments that woo multinationals with special fiscal deals allowing them to reduce their fiscal liability by booking profits abroad.

    May 19
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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.