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.

Tax practice

President to Sign Stimulus Package

President Barack Obama plans to sign the stimulus bill into law in Denver on Tuesday after Congress passed the massive $787 billion bill.

February 17
Recruiting

Tax Credits Offset Education Costs

Education tax credits can help offset the costs of higher education for yourself or a dependent.

February 17
Tax practice

Taxability of Social Security Benefits

How much, if any, of your Social Security benefits are taxable depends on your total income and marital status.

February 17
Tax practice

Former BDO Attorney Pleads Guilty to Tax Evasion

A former attorney at BDO Seidman has pleaded guilty to tax evasion and tax fraud charges in connection with a tax shelter scheme.

February 17
Tax practice

Obama Signs $787 Billion Stimulus Package

President Barack Obama signed the massive $787 billion stimulus bill into law in an effort to boost the economy out of a deep recession.

February 17
Tax planning

Illinois CPAs Offer Valentine's Day Advice

The Illinois CPA Society is suggesting that couples have a heart-to-heart talk on Valentine’s Day about a topic that’s been making the rounds these days: money.

February 13
Tax practice

Stimulus Bill Moves Toward Passage

House and Senate leaders made last-minute adjustments to the economic stimulus package as the final bill headed for a vote.

February 13

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.