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.

Donald Trump

Trump vows to cut taxes on Social Security in bid to woo seniors

Trump's pledge to cut taxes for elderly Americans, a key voting bloc, comes as the Republican nominee tries to recalibrate his campaign to focus on Vice President Kamala Harris.

By Mark Niquette
Reporter

August 1
Growth Content

20 states with the highest tax burdens in 2024

The top state has a total tax burden of 12.02%.

By Editorial Staff

July 31
Tax extenders

Schumer plans vote on stalled tax extender bill in Senate

Senate Majority Leader Chuck Schumer, D-New York, announced plans to bring up a vote on the Tax Relief for American Families and Workers Act later this week.

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

July 30
AT Think In the blogs: Feeling your pain

High-income backdown; Direct File collision; the vaping excise mess; and other highlights from our favorite tax bloggers.

July 30

Jeff Stimpson
IRS

Pennsylvania to join IRS Direct File free tax program

The Keystone State will become the 15th to join the IRS's free tax program next filing season.

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

July 30
AT Think The effect of the November election on IRS funding

Who wins the White House and Congress will have major repercussions for the agency's budget.

July 30

Rochelle Hodes

Crowe
Tax preparers

Misconceptions and mismatches: Dealing with the staff shortage

Tax pros share their thoughts on what's driving the pipeline problem, and some short-term fixes.

By Jeff Stimpson
Freelance writer

July 30

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.