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

Shohei Ohtani's deferred $680M drives home tax and planning lessons for financial advisors

The superstar player's decision to push back his record-breaking pay intrigued planners who pointed out a bevy of wealth-related questions.

By Tobias Salinger
Chief Correspondent

January 24
Tax extenders

Tax extenders bill throws new uncertainty into tax season

The House Ways and Means Committee reported the text of the Tax Relief for Workers and Families Act after voting last week to advance the bipartisan bill.

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

January 24
Tax relief

Federal tax relief for Connecticut storm victims

The IRS is pushing back payment and filing deadlines for those hit by January weather.

By Jeff Stimpson
Freelance writer

January 24
AT Think In the blogs: Interesting questions

1099s every quarter; latest tax lawmaking; a crypto outlook for 2024; and other highlights from our favorite tax bloggers.

January 23

Jeff Stimpson
Finance, investment and tax-related legislation

Curtailing the ERC to pay for taxpayer benefits

An inside look at the Tax Relief for American Families and Workers Act of 2024 as it works its way through Congress.

By Roger Russell
Senior Editor

January 23
IRS

IRS aims to simplify tax notices

The Internal Revenue Service unveiled a Simple Notice initiative Tuesday to review, redesign and deploy hundreds of its notices, starting with the most common ones.

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

January 23
IRS

EAs face end-of-month renewal deadline

Among others, Enrolled Agents with Social Security numbers ending in 7, 8 or 9 must renew with the IRS by Jan. 31.

By Jeff Stimpson
Freelance writer

January 23

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.