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.

IRS

Binance VIPs got sneak peek of record U.S. crypto penalty

The IRS's Western Cyber Crimes Unit played a major role in the case, which was recently settled for over $4 billion.

By Allyson Versprille
Tax reporter

December 1
Tax credits

U.S. strictly limits Chinese content for EV credit

The guidelines set a 25% ownership threshold for a company or group to be classified as a foreign entity of concern.

By Gabrielle Coppola
Reporter

December 1
Income taxes

Senate Democrats aim to close loopholes for billionaires

A group of Senate Democrats and independents introduced legislation Thursday to eliminate loopholes and tax breaks for billionaires.

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

November 30
Tax-related court cases

Tax Fraud Blotter: Don't touch

A dim bulb; morally bankrupt; 1st to jail; and other highlights of recent tax cases.

By Jeff Stimpson
Freelance writer

November 30
Make property tax a profit center: What firms need to know

With the right tools and resources in place, property tax advisory services can become a profit center for top firms. Read on to learn how.

Partner Insights from Avalara
Practice management

AuditClub rebrands as CPAClub

The company has added outsourced tax and advisory services for CPA firms as part of the renaming.

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

November 29
Tax credits

U.S. weighs reprieve for carmakers on EV credits

The Biden administration has discussed granting automakers a temporary reprieve from new rules poised to limit a consumer tax credit, a Michigan senator said Tuesday.

By Bloomberg News

November 29

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.