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

Trusts are useful but complicated. Here are some basics

For financial advisors, tax professionals and their clients, the opportunities and acronyms look endless. Three experts explain the key questions to consider.

By Tobias Salinger
Chief Correspondent

July 11
IRS

IRS collects $1B from millionaires

The agency is hoping to counter a widespread impression that people can get away without paying their taxes, according to Commissioner Werfel.

By Daniel Hood
Editor-in-chief

July 11
AT Think Choosing the scheduled tax season

After my last column about spreading out the tax season, several readers contacted me to share their experiences about making busy season more sane.

July 11

Kyle Walters

L&H CPAs and Advisors
Tax-related court cases

Tax Fraud Blotter: Big deals

Action; very little cash; not from around here; and other highlights of recent tax cases.

By Jeff Stimpson
Freelance writer

July 11
Tax regulations

IRS issues FAQ on Clean Fuel Production Credit

Notice 2024-49 and a new set of frequently asked questions from the Internal Revenue Service offer more clarity around the credit.

By Jeff Stimpson
Freelance writer

July 10
Politics and policy

The Supreme Court had an eventful term — here's what its decisions mean for financial advisors

The decisions indicated that justices will use far stricter scrutiny of government regulations moving forward, and some cases dealt a direct impact right away.

By Tobias Salinger
Chief Correspondent

July 10
Tax relief

Weather victims in Mississippi, Iowa get tax relief

The IRS is pushing back both filing and payments deadlines for impacted taxpayers.

By Jeff Stimpson
Freelance writer

July 10

Resources

The latest Accounting Today research and discussion:

Web Seminar The psychology of a modern tax workflow: Reducing anxiety, decision fatigue & compliance risk

In this session you'll learn practical, firm-tested principles to reduce confusion, improve predictability, and strengthen both client and staff confidence.

Partner Insights from SmartVault
Web Seminar Tax Planning for 2027

This webinar will look at key opportunities and stumbling blocks for practitioners

Sponsored by 8am CPACharge
Web Seminar From tax question to tax strategy: Turning everyday client conversations into advisory opportunities

This webinar demonstrates how firms can uncover planning opportunities hidden within everyday client conversations and transform routine compliance discussions into higher-value advisory engagements.

Partner Insights from Intuit

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.