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.

  • CCH Tax and Accounting made a big move into the document management business this week with the purchase of SIAN software by its parent, Wolters Kluwer Tax, Accounting & Legal, from Atlanta-based accounting firm Habif, Arogeti & Wynne.

    October 19
  • Singer and songwriter Ronald Isley has been indicted on tax evasion charges for failing to report income that he received from performances and royalties as a member of the renowned Isley Brothers.

    October 18
  • The Internal Revenue Service and the Virgin Islands Bureau of Internal Revenue said that they've established a new partnership to work together on common tax enforcement issues.

    October 18
  • The Internal Revenue Service is reminding tax-exempt political organizations that filing deadlines are approaching for disclosure statements prior to the Nov. 2 election date. Information on 2004 political contributions and expenditures will be available for public inspection on the IRS Web site.Certain political organizations that are tax exempt under Section 527 of the Internal Revenue Code are required to file Form 8872, Report of Contributions and Expenditures. Organizations have the option of filing either monthly or quarterly.For quarterly filers, the third quarter report were due Oct. 15. Organizations filing monthly reports must submit their September information by Oct. 20. A pre-election report for both quarterly and monthly filers is due Oct. 21, or Oct. 18 if the report is sent by registered or certified mail.The October filings are the last reports that will be available to the public prior to the Nov. 2 election. A post-election report will be due on Dec. 2.

    October 17
  • When President Bush signs the FSC/ETI bill, the days of small business owners and professionals such as doctors and lawyers expensing luxury SUVs are over.Writers of the 600-page measure closed a tax break that allowed business owners to save as much as $33,000 on the purchase of a $1000,000 vehicle, according to Tax Analysts.The Jobs and Growth Tax Relief Reconciliation Act of 2003 created the break by increasing from $25,000 to $100,000 the amount that small businesses can expense in the first year for buying a vehicle weighing 6,000 pounds or more.The incentive was originally written to assist farmers and contractors to invest in larger equipment, but the floodgates opened when it was discovered that luxury SUVs also qualified.The amendment reduces the SUV deduction to $25,000, while still allowing the farmers and contractors the break.

    October 17
  • New data suggesting that income tax noncompliance is on the rise among the Internal Revenue Service's own employees is causing some hand-wringing among members of an IRS task force formed to address the problem.

    October 14
  • Taxware, a provider of tax calculation and compliance solutions and a subsidiary of First Data Corp, has launched TaxSolver 4.2, tax return generation software with Sarbanes Oxley compliance functionality.

    October 14
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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.