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.

AT Think Inside the IRS's prevailing wage and apprenticeship guidance

An in-depth look at the service's rules around how to boost certain Inflation Reduction Act incentives.

December 27

Julio Gonzalez

Engineered Tax Services
Tax laws

Omnibus spending package passes without tax extenders

The $1.7 trillion bill contains Secure 2.0, and changes in the Holding Foreign Companies Accountable Act and conservation easement rules, but it's missing some much desired tax breaks.

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

December 23
IRS

Brokers get reprieve on expanded reporting of digital assets

The Internal Revenue Service and the Treasury are giving investment brokers more time to report information on transactions involving digital assets such as cryptocurrency.

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

December 23
Tax returns

Trump's tax returns will be released after Christmas, panel says

The earliest the information would be released is Dec. 27.

By Laura Davison
Capitol Hill tax reporter

December 23
IRS

IRS delays $600 threshold for 1099-K reporting

The lower threshold threatened to generate millions of new forms going out to unsuspecting taxpayers and their accountants.

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

December 23
Technology

Tech News: Looking for the top new products of the year

Plus, nominations open for Top 2023 100 ProAdvisor Awards Program; TaxBit, E&Y launch digital asset solution suite; and other tech news.

By Chris Gaetano
Technology Editor

December 23
AT Think Satisfying prevailing wage requirements to maximize energy efficiency tax credits

The Inflation Reduction Act heavily modified the Section 179D Energy Efficient Commercial Building Deduction and the Section 45L Energy Efficient Home Credit.

December 23

Alexander Bagne

ICS Tax LLC

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.