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

Israeli Bank to Pay $400 mn in Tax Probes

Bank Leumi Le-Israel Ltd. agreed to pay $400 million and admit it helped American clients evade taxes for a decade.

December 23
Tax practice

Online Marketplace for Tax Pros Launches

ClientyWhys has launched TaxBuzz.com, a free online directory of tax professionals.

By Daniel Hood
Editor-in-chief

December 22
Tax practice

In the Blogs: Your Pearls of Wisdom

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

December 18
Tax practice

IRS Partners with Tax Preparer Groups, but Warns of Rogue Preparers

The Internal Revenue Service is joining with several national tax and accounting organizations to give taxpayers new options and tips on selecting reputable tax professionals and avoiding unscrupulous preparers.

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

December 18
Tax practice

IRS Freezes Hiring, Warns of Busy Signals after Budget Cuts

The IRS is freezing hiring, stopping most overtime pay and warning that it wont answer about half the calls it will receive during the upcoming tax-filing season.

December 18
Financial planning

Dealing with Faulty IRA Trusts

Naming a trust as an IRA beneficiary may offer many benefits. If drafted properly, a trust can protect the account from creditors and reduce the risk that money will be mishandled.

December 17
Tax practice

Congress Requires Self-Preparers and Consumer Tax Software to Check for Improper Tax Credits

The $1.1 trillion spending bill passed by Congress this week and signed into law by President Obama on Tuesday contains a provision directing the Treasury Department to implement uniform standards for taxpayers claiming refundable credits such as the Earned Income Tax Credit to stem improper payments.

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

December 17

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
On-Demand 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.