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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
    IRS Offers Info for Self-Employed

    The Internal Revenue Service has recently added a page to its Web site for small businesses and the self-employed.

    September 9
  • Tax practice
    Deficit Keeps Growing

    The Congressional Budget Office sees the deficit growing to $407 billion for the year ending Sept. 30 and ballooning to $438 billion next year, with the takeover of Freddie Mac and Fannie Mae threatening to send it far higher.

    September 9
  • Tax research
    Nicolas Cage Pays $666,000+ to Settle with IRS

    Actor Nicolas Cage, whose movie Bangkok Dangerous topped the weekend box office numbers, has settled his tax debts with the Internal Revenue Service for $666,000, plus interest.

    September 8
  • Tax practice
    Withholding Noncompliance Costs IRS $7.6 Billion

    Approximately $7.6 billion of potentially collectible taxes is lost annually due to withholding noncompliance, according to a report from the Treasury Department's inspector general.

    September 8
  • Tax practice
    IRS Streamlines Tax-Exempt Application Process

    The Internal Revenue Service and the Treasury Department have issued new regulations that will make it easier for charities to gain tax-exempt status.

    September 8
  • Regulatory actions and programs
    Taxes Most Important Issue for Small Businesses

    Federal taxes are the most important issue for small business owners, according to a survey by payroll processor PayCycle.

    September 8
  • Tax planning
    Tax software targets Latino immigrant market

    A tax practitioner has teamed up with a software engineer to create a new tax prep program aimed at preparers who service Spanish-speaking taxpayers, especially undocumented immigrants who are ready to begin filing tax returns.Latino Tax Software’s MultiTax distinguishes itself from more established tax packages by helping clients obtain Individual Taxpayer Identification Numbers from the Internal Revenue Service and allowing them to file multiple years of tax returns that they have avoided filing earlier. The software also lets preparers toggle quickly between screens in English and Spanish.

    September 7
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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.