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.

  • A federal judge dismissed five counts of filing false tax returns, to go with four counts of money laundering, which had been levied against the self-proclaimed “Guru of Ganja.”Ed Rosenthal, a medical marijuana activist and columnist for High Times, had originally been arrested on three charges of growing pot. However, during his 2003 trial, he wasn’t allowed to cite in his defense the fact that the pot was for medical marijuana dispensaries -- a point which several jurors later said that the government should have allowed them to hear.

    March 15
  • Edward A. Weinstein of New York will receive the New York State Society of CPAs’ Distinguished Service Award.

    March 15
  • A ruling from the Internal Revenue Service -- that the workers who collect urine samples for drug testing are employees and not independent contractors -- could cost the NFL millions in benefits.

    March 14
  • The Internal Revenue Service announced that through March 13, more than 2.6 million taxpayers have electronically filed their returns using the agency’s Free File program. TThough that’s about 4 percent drop from the number of returns filed during the same time last year.

    March 14
  • Federal prosecutors have arrested a New York-based Internal Revenue Service agent on tax fraud charges, according to a published report.Harry Willner, 59, who has been an IRS agent for more than three decades, was charged with five counts of tax fraud on Monday. Federal prosecutors have accused him of cheating on his personal income taxes, as well as offering loopholes to other taxpayers.

    March 13
  • The Canada Revenue Agency announced that Canadians should be able to resume e-filing their tax returns before the end of the week, after a computer glitch discovered last week put the processing of more than 1 million tax returns on hold.CRA Commissioner Michel Dorais said that the problem, a malfunctioning software patch, was not the work of hackers, or a computer virus, and did not threaten the security or privacy of taxpayer data. He said the agency’s services, including E-file, Netfile and a “My Account” feature should be back online no later than March 15. Dorais said that the data for any taxpayers who had already filed was still intact, and that the personalized account feature would allow taxpayers to track the progress made on their return.

    March 13
  • A Goldman Sachs investment banker, who earned $115,000 in 2002, will not be able to take all of the $55,000 charitable contribution deduction she took for that tax year -- $49,000 of which she took for donations of used clothing to a thrift store.

    March 12
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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.