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.

Treasury Department

Treasury risks payment default as soon as August, CBO says

Much depends on tax-collection proceeds, with the April 15 filing date fast approaching.

By Erik Wasson
Capitol Hill reporter

March 26
Tax breaks

GOP moves closer to tax cut plan

Republican leaders say they are closer to a plan to extend the 2017 tax cuts and increase the debt ceiling.

By Erik Wasson and Billy House

March 26
IRS

IRS gives new guidance for scam victims to deduct theft losses

Taxpayers that suffer a smaller loss might not have the sophistication to know that they could be entitled to take a theft loss deduction, warns one expert.

By Roger Russell
Senior Editor

March 26
AT Think In the blogs: Seamwork

Welcome to Tax Court; the subscription model; new blog on the block; and other highlights from our favorite tax bloggers.

March 25

Jeff Stimpson
AICPA

AICPA weighs in on proposed SECURE 2.0 regs

The institute is asking the Treasury and the Internal Revenue Service for greater clarity in their proposed regulations for the SECURE 2.0 Act of 2022.

By Michael Cohn
Editor-in-chief, AccountingToday.com

March 25
Tax cuts

Dalio warns GOP of 'dire' debt as lawmakers weigh tax cuts

House and Senate Republicans are battling over the size of spending cuts to be paired with a giant tax cut coming later this year.

By Erik Wasson
Capitol Hill reporter

March 25
IRS

IRS underreported costs of Direct File: TIGTA

Internal Revenue Service reports of the cost of the free tax-filing program left out at least $8.8 million in costs, according to a new report.

By Jeff Stimpson
Freelance writer

March 25

Resources

The latest Accounting Today research and discussion:

Web Seminar Tax season post mortem

Join us for a transparent look at the challenges facing firms this year and how to overcome them for 2027.

Partner Insights from Canopy
Web Seminar Rethinking busy season: A modern operating model for K-1s

Busy season is over—but the bruises are still fresh. Many firms expected smoother K-1 workflows, yet encountered the same familiar bottlenecks, last-minute delays, and staff burnout. Instead of tweaking around the edges, we'll explore a modern operating model for managing K-1s at scale – from intake through exchange – designed to reduce rework, cycle time, and eliminate seasonal chaos.

Partner Insights from K1X
Tariffs and your clients

Dean Peterson and Blair Robbins of Eisner Advisory Group discuss the tax and business ramifications of the Trump administration's tariff policies that accountants should be advising clients about.

Sponsored by Intuit Quickbooks

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.