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.

Technology

FreeTaxUSA Now Supports All States

Online tax preparation site FreeTaxUSA said it now supports all 42 states with a state income tax.

January 30
Tax practice

IRS Marks EITC Awareness Day

The Internal Revenue Service and its partners nationwide marked the 5th Earned Income Tax Credit Awareness Day on Friday.

January 28
Tax practice

Winners and Losers in Tax Reform

The deficit reduction panel called for tax reform, as did the National Taxpayer Advocate and the House Ways and Means Committee. Now, President Obama has added his voice to the mix with his State of the Union address.

By Roger Russell
Senior Editor

January 27
Financial planning

No Claw-back on Estate Taxes, Say Experts

The recent extension of the estate tax at a 35 percent rate will not result in a "claw back" tax obligation for people who make gifts in 2011 and 2012 that exceed their post 2012 estate tax exemption allowance, according to a trio of tax experts.

January 27
Audit

Small Business Tax Credit Calculator Released

The Small Business Tax Credit Calculator, developed by Tax Credits LLC, is able to complete lines 1 to 14 of Form 8941 for tax preparers in all 50 states.

January 26
Tax practice

Will There Be Movement on Tax Reform Now?

President Obama placed an unusual degree of emphasis Tuesday during his State of the Union address on tax reform, and while there appears to be more bipartisan spirit in Congress in the wake of the tragic shootings in Tucson, the prospects for getting an agreement are murky at best.

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

January 25
Tax practice

Obama Calls for Tax Reform

President Obama urged Congress to work across party lines on an overhaul of both corporate and individual taxes to reduce tax loopholes during his State of the Union address on Tuesday night.

January 25

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
On-Demand 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.