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

IRS offers tax relief to Vermont flood victims

Victims will now have until Nov. 15, 2023, to file their individual and business tax returns and make tax payments, pushing back the Oct. 16 deadline.

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

July 13
International taxes

Congress proposes tax relief to spur U.S-Taiwan trade

A draft of legislation aims at reducing double taxation for employees and businesses involved in cross-border investment between the two countries

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

July 13
Tax breaks

Boston offers tax breaks to turn empty offices into housing

Mayor Michelle Wu's proposal is the latest example of a city seeking to address the challenges of remote work hitting downtowns and a lack of affordable residences.

By Skylar Woodhouse and Amanda Albright

July 13
International taxes

How a £10B tax trade unraveled for a commodities house

The Cum-Ex strategy ultimately landed ED&F Man in the middle of one of the biggest financial scandals in modern European history.

By Donal Griffin and Jonathan Browning

July 13
AT Think There's no excuse for ignorance: Tax tools from the IRS

The service offers a wealth of resources that can be enormously useful to tax practitioners.

July 13

Alyssa M. Reed
IRS

IRS mails incorrect collection notices to taxpayers in disaster areas

The Internal Revenue Service has been sending out erroneous balance due notices demanding taxpayers in federal disaster areas pay up, even though they're supposed to get extra time.

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

July 12
M&A

Ryan acquires MJI Consulting

The tax services and software provider has made another acquisition in the property tax area.

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

July 12

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.