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.

  • British firm Bentley Jennison has joined the RSM International network of audit, tax and consulting firms, expanding RSM’s reach abroad.

    August 22
  • The Justice Department sued the founder of an “asset protection” business that allegedly helped clients evade income taxes and hired actor Robert Wagner to plug its services.

    August 21
  • Tax information publisher BNA introduced the BNA Tax and Accounting Center, an online service that unites all of the company’s tax and accounting information in one place.

    August 21
  • The Houston Business & Tax Law Journal plans to hold a symposium in October on the patenting of tax strategies, an idea that has already generated some controversy among patent defenders and critics.

    August 21
  • The Taxpayer Advocacy Panel has issued a report calling on the Internal Revenue Service to improve its services and customer satisfaction as well as reduce the burden on taxpayers.

    August 20
  • Congress hopes to partially remedy the tax gap by making tax preparers more responsible for the positions their clients take on returns.Because paid preparers prepare over 62 percent of all individual income tax returns, they are a critical quality control for tax administration by helping to prevent noncompliance, according to an April report released by the Government Accountability Office.

    August 19
  • Pope Benedict XVI plans to issue an encyclical denouncing tax evasion and the use of offshore tax shelters as Italy embarks upon a campaign to crack down on tax avoidance.

    August 19
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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.