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.

  • Preparers looking for a wish list of provisions for the lame duck session of Congress to pass have a number of items to consider.

    December 2
  • House Democrats passed a tax cut package on Thursday aimed at extending the Bush-era tax cuts for taxpayers who earn below $250,000, but the prospects for passage in the Senate will depend on the deal worked out by a bipartisan group of four lawmakers and two Obama administration officials.

    December 2
  • The Internal Revenue Service has begun sending more than 10,000 letters to tax return preparers nationwide to remind them of their obligation to prepare accurate tax returns, and during the 2011 filing season, IRS representatives will visit approximately 2,500 tax return preparers who received the letters to discuss their responsibilities and verify their compliance.

    December 2
  • The Internal Revenue Service detailed how, starting Jan. 1, 2011, paid tax return preparers can comply with a new law that requires them to electronically file tax returns for individuals, trusts and estates.

    December 2
  • House Ways and Means Committee Chairman Sander Levin, D-Mich., introduced legislation Wednesday that would extend the Bush-era tax cuts only for those making less than $250,000 a year, and provide a two-year AMT patch.

    December 1
  • One promising sign of President Obama’s meeting with congressional leaders Tuesday was that he didn’t emerge with his lip bleeding from a fresh elbow jab in the face.

    November 30
  • The Senate voted Monday evening on a competing pair of amendments to repeal the expanded 1099 information reporting requirements that were included in the health care reform bill, but failed for the second time this fall to roll back the controversial requirements.

    November 29
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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.