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 credits

Biden poised to finalize new EV tax credit rules

The Treasury will unveil the final version of new rules limiting a popular tax credit for electric car buyers as soon as Friday.

By Bloomberg News

May 1
Tax cuts

Yellen defends Biden on tax cuts

Treasury Secretary Janet Yellen came under fire from Republicans over a quip from President Biden about letting tax cuts enacted by Donald Trump expire.

By Bloomberg News

May 1
AT Think In the blogs: Disclosure and discord

Welcome, 1099-DA; moving out and moving on; not all CRM is alike; and other highlights from our favorite tax bloggers.

April 30

Jeff Stimpson
Tax season

Tax season 2024: The final numbers

The number of individual income tax returns received rose by 16.34% in the final week of tax season.

By Editorial Staff

April 30
Wealth Think Can my client claim frozen embryos as dependents?

State supreme court rulings granting frozen embryos the same legal status as children will have major impacts on financial planning, writes an expert on estate planning and tax law.

April 30

Sophia Duffy

American College of Financial Services
Tax refunds

Taking the 'fun' out of refunds

Taxpayers and clients have scads of wrong ideas about taxes — and they have even more wacky notions about tax refunds.

By Jeff Stimpson
Freelance writer

April 30
Professional development

CPA planners urge more tax pros to adopt wealth management

New financial planning questions on the accounting exam could attract more young people and encourage current practitioners to explore the burgeoning ties between the fields.

By Tobias Salinger
Chief Correspondent

April 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.