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.

Kamala Harris

Harris wants to lower Biden's proposal capital gains rate

Vice President Kamala Harris is planning to pare back the 39.6% capital gains tax increase proposed by President Joe Biden, according to a campaign official.

By Bloomberg News

September 4
E-filing

Maryland joins IRS Direct File tax prep program

The state of Maryland has become the latest to sign up for the IRS Direct File program for filing season 2025, offering residents a free way to file their taxes.

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

September 4
Technology

PwC int'l tax platform now available

The program has been used internally and is now available for non-audit clients for Pillar Two and U.S. international tax calculations.

By Chris Gaetano
Technology Editor

September 4
Tax credits

Low-income areas get $3.5B in clean energy credits

Investments in solar installations made are expected to fund the generation of close to 2 billion kilowatt hours of clean electricity each year in underserved places.

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

September 4
Tax cuts

Trump tax cuts would cost more than almost all federal agencies

The Trump campaign is proposing a grab bag of tax cut proposals that could collectively cost as much as $10.5 trillion over a decade.

By Erik Wasson
Capitol Hill reporter

September 4
Construction industry

Harris aims to raise homeownership; builder stocks rejoice

Homebuilding stocks are on a tear, catching a tailwind from Vice President Kamala Harris' plans to support the U.S. housing market.

By Bloomberg News

September 4
IRS

Reining in the ERC, and other major developments at the IRS

Find out more about the latest guidance and procedure changes out of the IRS and what they mean for the industry at large.

By Frank Gargano
Data Reporter

September 4

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.