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.

Property taxes

Chicago nixes property-tax hike

Mayor Brandon Johnson is reversing his plan to raise property taxes by offering to use some bond refinancing savings and defer a loan repayment.

By Shruti Date Singh

December 16
Tax credits

IRS, Treasury release final rules for Investment Tax Credit for energy

The Inflation Reduction Act extended the tax incentives for clean energy development project developers, and the new rules add more clarity.

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

December 13
Tax cuts

Trump woos Wall Street with corporate tax cuts at NYSE visit

The president-elect vowed to lower the corporate rate to 15% from 21% and is talking with his advisors about cutting levies on capital gains and dividends.

By Skylar Woodhouse and Jenny Leonard

December 13
Tax scams

Hedge fund founder jailed over $1.3B tax scam

Sanjay Shah was sentenced to 12 years in prison, the heaviest jail term handed down so far in Europe's sprawling Cum-Ex trading scandal.

By Bloomberg News

December 13
Tax cuts

Trump's tax cuts may fail to boost economy

A new analysis from the Committee for a Responsible Federal Budget warns that extending the expiring tax cuts could do almost nothing to grow the economy.

By Bloomberg News

December 13
Technology

Tech News: Protiviti patents audit process

Plus, Avalara named leader in three IDC MarketScape reports; LeaseCrunch to hold webinar; and other accounting tech updates.

By Chris Gaetano
Technology Editor

December 13
Tax-related court cases

Tax Fraud Blotter: Chips have fallen

Dutch treat; for the record; last Resort; and other highlights of recent tax cases.

By Jeff Stimpson
Freelance writer

December 12

Resources

The latest Accounting Today research and discussion:

Web Seminar Tax season postmortem: What to fix for 2027

Join us for a transparent look at the challenges facing firms this year and how to overcome them for 2027.

Partner Insights from Canopy
On-Demand Web Seminar Rethinking busy season: A modern operating model for K-1s

Busy season is over—but the bruises are still fresh. Many firms expected smoother K-1 workflows, yet encountered the same familiar bottlenecks, last-minute delays, and staff burnout. Instead of tweaking around the edges, we'll explore a modern operating model for managing K-1s at scale – from intake through exchange – designed to reduce rework, cycle time, and eliminate seasonal chaos.

Partner Insights from K1X
Tariffs and your clients

Dean Peterson and Blair Robbins of Eisner Advisory Group discuss the tax and business ramifications of the Trump administration's tariff policies that accountants should be advising clients about.

Sponsored by Intuit Quickbooks

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.