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 refunds

Education Dept. delays seizing tax refunds for student loan debt

The U.S. Department of Education is delaying involuntary collections of student loan debt by garnishing wages and seizing tax refunds.

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

January 16
AT Think In the blogs: What a circus

Statehouse skirmishes: the Gold Card; how returns get prepared; and other highlights from our favorite tax bloggers.

January 16

Jeff Stimpson
Technology

Tech news: Thomson Reuters launches AI tax compliance solution

Plus, Emburse announces Invoice Tax Validation; TaxStatus releases tax prep checklist, tax return history; and other accounting tech news and updates.

By Chris Gaetano
Technology Editor

January 16
State taxes

Rhode Island governor supports millionaire tax

Rhode Island Governor Dan McKee proposed a higher tax on millionaires to help fill a hole in the state's budget.

By Bloomberg News

January 16
Portfolio management

How dual share classes could reshape the future of ETFs

Regulators officially approved 30 more funds last month, with more expected authorizations in 2026. Will financial advisors and their clients bite?

By Tobias Salinger
Chief Correspondent

January 15
IRS

New guidance on first-year depreciation

Notice 2026-11 from the IRS provides guidance on the permanent 100% additional first-year depreciation deduction provided by the One Big Beautiful Bill Act.

By Jeff Stimpson
Freelance writer

January 15
State taxes

Stephen Ross sees California billionaire tax as Palm Beach's gain

A proposed tax on billionaires in California has led to fear among investors and shows the difficulty of doing business in the state.

By Bloomberg News

January 15

Resources

The latest Accounting Today research and discussion:

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
How Advisory Services Create a Competitive Edge

Design advisory services that drive growth

Partner Insights from Wolters Kluwer

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.