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 planning

Treasury releases 'Greenbook' on Biden's tax proposals

The department detailed the tax provisions in the Biden administration's newly released budget plans for fiscal year 2024 on Thursday.

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

March 9
IRS

IRS expands digital scanning

The service has increased its scanning of Forms 940 twentyfold in 2023.

By Jeff Stimpson
Freelance writer

March 9
IRS

Senate approves Werfel as IRS chief

The Senate voted to confirm Daniel Werfel as the new Internal Revenue Service commissioner with bipartisan support.

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

March 9
IRS

Manchin opposes Biden's IRS pick

The senator fired the latest salvo in a long-running dispute with the White House over implementation of Inflation Reduction Act provisions he authored.

By Steven T. Dennis
Reporter

March 9
Tax breaks

Biden budget to target breaks for PE, crypto, fossil fuels

The White House plans to target a series of high-profile tax breaks worth tens of billions of dollars for wealthy investors and corporations.

By Laura Davison
Capitol Hill tax reporter

March 9
International taxes

Adani rout spotlights Indian Ocean tax haven

The short-seller allegations against billionaire Gautam Adani are once again reviving questions about the country's role as a tax haven for India's tycoons.

By Bloomberg News

March 9
Tax planning

Biden to urge 25% billionaire tax

The president is proposing a series of tax increases on billionaires, rich investors and corporations.

By Laura Davison
Capitol Hill tax reporter

March 9

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.