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.

  • SurePrep, known for its outsourcing services, has developed a tax preparation workflow system to help firms maintain greater control over tax preparation decisions while reducing review and correction time. SurePrep Express is a Web-based system that categorizes scanned source documents to ease processing and data entry.

    April 21
  • The implementing states of the Streamlined Sales and Use Tax Agreement voted to create an associate membership, keeping the agreement on track toward its Oct. 1, 2005, interstate effective date.

    April 20
  • The Internal Revenue Service is seeking applications to fill seven vacancies on the Electronic Tax Administration Advisory Committee, a 14-member panel that provides a public forum for discussion of electronic tax administration issues in support of the goal of paperlessly filing tax and information returns.

    April 20
  • The president and vice president saved a combined $110,182 in taxes last year under the income tax cuts passed by their administration, according to an analysis of the 2004 tax returns released by the White House.

    April 18
  • Tax preparation and related fees from H&R Block Inc.'s U.S. retail operations increased 6.4 percent to $1.9 billion through March 31, 2005, the tax prep giant reported.

    April 18
  • President Bush has signed into law H.R. 1134, exempting qualified disaster mitigation payments from tax.

    April 18
  • Washington - The call for the nation's tax preparers to be more closely monitored for proficiency has been echoed by the National Taxpayer Advocate, as well as by a number of tax professional membership associations.

    April 17
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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.