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 cuts

Billionaire Ken Griffin says he's wary of Trump's tax-cut and tariff agenda

He believes Republicans should be mindful of the effect of tax cuts on the growing national debt.

By Sonali Basak and Bill Allison

November 22
Practice and client management

The impact of the 'racial will gap' on wealth

A new study shows how the estate planning work of financial advisors carries a direct connection to reducing disparities over time.

By Tobias Salinger
Chief Correspondent

November 21
IRS

TIGTA assesses IRS response to Oct. 7 attack in Israel

The inspector general issued a report on the Internal Revenue Service's response to the October 2023 attack by Hamas.

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

November 21
IRS

IRS to accept duplicate dependent returns with an IP PIN

The Internal Revenue Service will begin accepting e-filed tax returns that contain dependents who have already been claimed on another taxpayer's return.

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

November 21
AT Think Can a multistate business entity dissolve in one state but continue operations in others?

There are ways the business owners can continue to operate in the other states.

November 21

Nellie Akalp

CorpNet.com
Tax fraud

Investigation collaborator stands trial over €428M tax scheme

Kai-Uwe Steck, one of the main collaborators with German prosecutors in their vast Cum-Ex probe, appeared in a Bonn court.

By Karin Matussek
Reporter

November 21
Treasury Department

Cohn says Trump has 'plenty of time' to settle on Treasury pick

Hedge fund executive Scott Bessent, Apollo Global Management executive Marc Rowan and former Federal Reserve Governor Kevin Warsh remain among the leading contenders for the post.

By Bloomberg News

November 21

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.