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 regulations

Incremental cost won't influence Clean Vehicle Credit: IRS

New guidance from the IRS in Notice 2024-05 provides a safe harbor for certain vehicles.

By Jeff Stimpson
Freelance writer

December 21
Practice and client management

The rules of the road for deducting business-related car expenses

Financial advisors and tax professionals serving self-employed and other entrepreneurial clients start with a choice between two methods, then make careful calculations.

By Tobias Salinger
Chief Correspondent

December 21
IRS

IRS grants $1B in penalty relief

The relief will go to roughly 4.7 million taxpayers who weren't sent collection reminder notices during the pandemic.

By Jeff Stimpson
Freelance writer

December 20
AT Think In the blogs: Manual AI

Too much money; five little letters on how clients might see you; loss-harvesting season; and other highlights from our favorite tax bloggers.

December 19

Jeff Stimpson
Tax-related court cases

Hunter Biden faces Jan. 11 arraignment on tax charges

The president's son has been charged with failing to pay $1.4 million in taxes.

December 19
IRS

IRS expands business tax accounts

Individual partners and individual shareholders of S corps can now get a business tax account.

By Jeff Stimpson
Freelance writer

December 18
Retirement

Take advantage of shifting RMD rules with these year-end strategies

Clients who have squirreled away their savings in IRAs and other retirement accounts have new tools at the ready amid shifting rules, four experts said.

By Tobias Salinger
Chief Correspondent

December 18

Resources

The latest Accounting Today research and discussion:

Case Study A blueprint for a smoother, more automated tax workflow

For tax leaders: a real-world blueprint to streamline workflows and improve client experience.

Partner Insights from Thomson Reuters
White Paper Find and fix tax workflow gaps to save time and reduce rework

For tax professionals: a 3-step guide to spot workflow gaps and streamline your tax tech stack.

Partner Insights from Thomson Reuters
White Paper Start making next busy season easier, now

Built for tax teams: a practical post-season plan to reduce churn, fix bottlenecks, and prep for next busy season.

Partner Insights from Thomson Reuters

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.