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.
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Residents of Montclair, New Jersey, voted in favor of a one-time tax increase to help their cash-strapped public school system address an $18 million deficit.
March 24
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CPAs dealing with the new 1099-DA rules this year are challenged by the fact that they only report gross proceeds this year, leaving them and their clients to calculate cost basis themselves.
March 23
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The Internal Revenue Service vastly overstated the projected costs of operating the free tax prep program before terminating it, according to a new report.
March 23
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The Internal Revenue Service issued a revenue procedure on how businesses can take advantage of new tax breaks offered by the OBBBA and withdraw elections made under the old rules.
March 23
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The goal of regulation should not be unnecessary burdens or barriers to entry. The goal should be confidence that taxpayers are receiving reliable guidance.
March 23
National Association of Tax Professionals -
Americans' tax refunds are averaging about $350 higher than this time last year but so far running well below the extra $1,000 President Donald Trump promised.
March 23
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More than 1.2 million taxpayers only have until April 15 to claim a total of approximately $1.2 billion in refunds for tax year 2022.
March 20
