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.

Retirement

Saver's match 'free money' could pad millennial, Gen Z retirements

Financial advisors and other industry professionals will be integral in boosting those generations' nest eggs by double digits through a Secure 2.0 provision.

By Tobias Salinger
Chief Correspondent

February 26
Tax cuts

Tax cut chances rise as House passes budget targeting safety net

House Speaker Mike Johnson, aided by a flurry of last-minute phone calls Trump had with wavering Republicans, overcame resistance from fiscal conservatives.

By Erik Wasson and Billy House

February 26
AT Think In the blogs: Judge for yourself

Refunds without taxes; bouncing BOI; never too late for an Employee Retention Credit; and other highlights from our favorite tax bloggers.

February 25

Jeff Stimpson
IRS

IRS COO named acting commissioner

Treasury Secretary Scott Bessent named Internal Revenue Service chief operating officer Melanie Krause as acting commissioner after the retirement of Douglas O'Donnell.

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

February 25
IRS

Former IRS chiefs warn of tax season delays

A group of former commissioners at the Internal Revenue Service is sounding the alarm about the thousands of layoffs at the agency in the midst of tax season.

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

February 25
Tariffs

Restaurants warn of $12B hit from Trump tariffs

The National Restaurant Association praised some of Trump's plans, including a proposal to eliminate taxes on tips and his pledge to review trade agreements.

By Bloomberg News

February 25
Tax breaks

Ending muni tax break 'would be a killer,' NYC MTA official says

One of the biggest issuers in the municipal-bond market warns it may need to scale back its borrowing plans if federal lawmakers eliminate the tax-exemption.

By Michelle Kaske

February 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.