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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
    Stimulus Wends Its Way

    Congress and the Obama administration are crafting what is shaping up to be the single most expensive spending bill in American history, and nobody can agree on whether it will work.

    January 28
  • Tax practice
    Lawmakers Hone Tax Stimulus Package

    The Senate Finance Committee is considering President Obama's economic stimulus package as leaders call for increased tax cuts.

    January 27
  • Technology
    SpeedTax Offers Business Partner Programs

    Online sales tax management software developer SpeedTax has introduced business partner programs for technology consultants who resell products from Sage, Microsoft and Intuit.

    January 27
  • Marketing
    CPA Firm Assembles Madoff Task Force

    South Florida accounting firm Daszkal Bolton is the latest to offer services to clients who have suffered losses from Bernard Madoff's $50 billion Ponzi scheme.

    January 27
  • Tax practice
    Ways and Means Passes Stimulus Tax Cuts

    The House Ways and Means Committee has passed a bill containing $275 billion in tax cuts as part of the overall economic stimulus package, approving it on a party-line vote of 24 to 13.

    January 26
  • Tax planning
    Advisor Pleads Guilty in Tax Shelter Case

    A former investment advisor has pleaded guilty to helping Ernst & Young market illegal tax shelters.

    January 26
  • Tax planning
    Tax in troubled times

    The continuing economic slowdown means that tax preparation and tax planning will be more critical than ever, and this will be reflected in the questions that taxpayers will ask of their preparers during tax season."Economic uncertainty, coupled with tax law changes, will make this season busier than normal," said Mark Albrecht, CEO of XCM Solutions LLC, a provider of workflow and automation solutions. "Staffing and workload challenges will be even more acute."

    January 26
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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.