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.

  • Taxpayer Advocate Nina E. Olson is putting new pressure on lawmakers to establish nationwide standards that would weed out bad-apple tax practitioners and serve to protect the more than 60 percent of taxpayers who rely on paid tax preparers.In bluntly worded testimony suggesting that she is losing patience with both Congress and her own agency, Olson called on the House Ways and Means Committee to move forward on proposals to rein in rogue tax preparers and protect American taxpayers from other forms of abuse.

    May 4
  • The Internal Revenue Service is making progress on devising a strategy to narrow the tax gap, but significant challenges remain, according to a new report by the Treasury Department's inspector general.

    May 1
  • Orrtax Software Solutions has renamed itself IntelliTax to reinforce its current software line.

    May 1
  • The House Ways and Means Subcommittee on Select Revenue Measures held a hearing to discuss tax incentives for post-secondary education.

    May 1
  • The Taxpayer Advocate Service needs to do a better job of processing requests from taxpayers for relief from Internal Revenue Service enforcement actions, said a new report from the Treasury Department's watchdog group.

    April 30
  • The Internal Revenue Service said that economic stimulus payments directly deposited to individual retirement accounts and other tax-favored accounts may be withdrawn tax-free and penalty-free.

    April 30
  • Comedian and Senate candidate Al Franken pointed the finger at his accountant for paying his taxes incorrectly and said he would make good on the mistake.

    April 30
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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.