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.

Technology

Thomson Reuters acquires AI specialist Materia

Materia's platform can answer accounting queries in plain language and embed citations so users can verify the information.

By Chris Gaetano
Technology Editor

October 22
IRS

IRS adjusts tax amounts for inflation for 2025

The Internal Revenue Service issued its annual inflation adjustments for tax year 2025, including changes in the standard deduction, marginal rates, tax credits and more.

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

October 22
Tax credits

U.S. extends 25% chip tax credit

The Biden administration finalized rules for a 25% tax credit for semiconductor manufacturing projects, including solar wafers.

By Bloomberg News

October 22
AT Think In the blogs: Profound effects

Local measures galore; AI to the rescue; franchisees' checklist; and other highlights from our favorite tax bloggers.

October 22

Jeff Stimpson
Audit

By the numbers: Industry niches, standard deductions and more

The latest data on how accounting firms spend time serving CAS clients, current and projected standard deductions, and other key metrics.

By Editorial Staff

October 22
Retirement

The post-'stretch' home stretch for Roth IRA conversions

The first Secure Act was a "game-changer for IRAs and Roth IRAs," according to a retirement expert. Here's the compelling case for paying taxes sooner.

By Tobias Salinger
Chief Correspondent

October 21
Election 2024

Trump considers no taxes for military, police and firefighters

The idea, which the former president was asked about during an interview, could impact as many as 20 million taxpayers

October 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.