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.

Financial planning

Tax-Free Gifts Quadrupled in U.S. When Congress Raised Limit

Congress voted in December 2010 to let wealthy Americans make tax-free gifts of as much as $5 millionand the money flowed.

January 30
Tax practice

Congressman Introduces Bill to End Tax Write-off for Lavish Executive Bonuses

Rep. Lloyd Doggett, D-Texas, has introduced legislation to limit tax write-offs for executive bonuses to $1 million per employee.

January 29
Tax practice

Tax Proposals Sketchy in State of the Union

While President Obama mentioned taxes a number of times in his State of the Union speech last night, the details were scant.

By Roger Russell
Senior Editor

January 29
Tax practice

IRS Flags $1.5M in Improper Claims for Health Care Tax Credits by Tax-Exempt Groups

The Internal Revenue Service has generally been able to identify potentially improper claims for Small Business Health Care Tax Credits by tax-exempt organizations and subject them to further review, but improvements are still needed to ensure the claims are being caught in time, according to a new government report.

January 29
Tax practice

Track1099 Adds New 1099 Tools

Track1099 has added several new forms to its 1099-MISC e-filing and e-delivery product, and released a new mobile app.

January 29
Tax practice

Obama Calls for Wage Increases and Tax Reforms in State of the Union

President Barack Obama proposed a series of actions to deal with economic issues ranging from the minimum wage to tax reform and student loan debt during his State of the Union address on Tuesday evening.

January 29
AT Think Big Super Bowl Payoff Expected for NY, NJ and NFL

PricewaterhouseCoopers is anticipating that Super Bowl XLVIII will generate over $210 million in direct spending in the New York and New Jersey area, though the revenue generated by the Super Bowl and other pro football activities is leading some to question the NFLs nonprofit, tax-exempt status.

January 28

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.