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.
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The cost of the draft plan for sweeping tax cuts weighed in at $3.8 trillion over the next 10 years in one official estimate. The reality is likely much higher.
May 15
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Rep. Jason Smith said lawmakers from high-tax states should support the $30,000 limit his committee put on the state and local tax deduction.
May 15
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The American Institute of CPAs is concerned about a provision in the tax reconciliation bill limiting deductibility of state and local taxes paid by firms.
May 14
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Wealthy Americans and business investors are among the big winners while targets of Trump's ire such as immigrants and elite universities were hammered.
May 14
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Key Senate Republicans are resisting the House's plan to gut clean energy tax credits, vowing to soften the blow for emerging technologies and nuclear power.
May 14
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The IRS is granting up to $200,000 to individual low-income taxpayer clinics.
May 14
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President Trump's economic package took a major step toward becoming law when a House committee approved trillions in new tax cuts on a party-line vote.
May 14
