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.

  • Lawyers for actor Wesley Snipes have filed a motion requesting a change of venue in his tax evasion trial, claiming that the current location is "a hotbed of Klan activity."

    November 12
  • The Internal Revenue Service's financial management systems and internal controls came under sharp criticism in a financial audit conducted by the Government Accountability Office.

    November 12
  • The Bush administration threatened to veto the Temporary Tax Relief Act of 2007 in its present form, putting the patch for the alternative minimum tax in jeopardy as the deadline nears for fixing the AMT before it spreads to millions more taxpayers.

    November 9
  • Copanion released GruntWorx, a Web-based application that captures and organizes tax return documents and data from clients.

    November 9
  • Authorities have charged two employees of the District of Columbia's Office of Tax and Revenue with stealing more than $16 million in illegal property tax refunds.

    November 9
  • The Financial Accounting Standards Board has decided to defer the effective date for FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes," for nonpublic entities.

    November 9
  • Sen. Chuck Grassley, R-Iowa, ranking member of the Senate Finance Committee, has sent letters to six media-based ministries asking for information about their expenses, executive compensation and the amenities lavished on their executives to see if they are violating their tax-exempt status.

    November 8
Resources
The latest Accounting Today research and discussion:




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.