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.

Tax deductions

Standard vs. itemized: Who deducts what?

Taxpayers earning more are more likely to choose to itemize their deductions, while taxpayers earning less tend to favor the standard deduction.

By Editorial Staff

September 16
Treasury Department

IRS proposes rules on tribal general welfare benefits

The Internal Revenue Service issued a notice on Friday excluding from gross income the value of any tribal general welfare benefit.

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

September 13
Donald Trump

Trump pledges no taxes on overtime

The presidential nominee is looking to turn the page with a new populist tax cut proposal.

By Gregory Korte

September 13
Tax-related court cases

Tax Fraud Blotter: Mass misdeeds

Noted; loan sharks; lowering the Boomer; and other highlights of recent tax cases.

By Jeff Stimpson
Freelance writer

September 12
Tax forms

Congressional panel advances repeal of 1099-K threshold change

The Ways and Means Committee advanced five tax-related bills, including one that would eliminate a requirement to report payments of $600 from third-party networks.

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

September 12
Tax relief

Tax relief for weather victims in Conn., New York

The IRS is pushing back payment and filing deadlines for taxpayers hit by August weather.

By Jeff Stimpson
Freelance writer

September 12
IRS

IRS and Treasury propose guidance on CAMT

The Internal Revenue Service and the Treasury issued proposed regs on the Corporate Alternative Minimum Tax.

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

September 12

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.