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.

Practice and client management

3 tax strategies for summer daycare, jobs and vacation rentals

Property owners, entrepreneurs and parents can tap into savings available through credits, deductions and exemptions during the sunny season.

By Tobias Salinger
Chief Correspondent

August 28
Tax relief

Ernesto victims in Virgin Islands get tax relief

The IRS is pushing back filing and payment deadlines for those impacted by the storm on all four islands.

By Jeff Stimpson
Freelance writer

August 28
IRS

Federal tax lien notices drop significantly at IRS

In 2023, 179,000 notices of federal tax lien were filed, down roughly 84% from the high in 2010 of nearly 1.1 million.

By Paige Hagy
Reporter

August 28
AT Think In the blogs: Strange but true

Useful tips; pets and tax bills; becoming simply profitable; and other highlights from our favorite tax bloggers.

August 27

Jeff Stimpson
Technology

Taxbit now supports 1099-DA

Taxbit announced it now offers comprehensive support for the new Form 1099-DA, which pertains to digital assets.

By Chris Gaetano
Technology Editor

August 27
Election 2024

Walz v. Vance: A tax showdown

A look at the tax policy positions of the Republican and Democratic vice presidential nominees.

By Roger Russell
Senior Editor

August 27
IRS

Maine joins IRS Direct File

The Treasury Department and the Internal Revenue Service said Tuesday that Maine will be the latest state to join the IRS Direct File free tax prep system for filing season 2025.

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

August 27

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.