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.

Donald Trump

Private jet costs, sketchy deductions among red flags in Trump taxes

Dozens of audit triggers litter Donald Trump's tax returns, according to Congress's top nonpartisan tax lawyers.

By Laura Davison
Capitol Hill tax reporter

December 21
Tax returns

Trump's tax records to be released by Democrats after House panel vote

The move caps a three-year legal saga initiated by Democrats to obtain and release the former president's closely held financial documents.

By Laura Davison
Capitol Hill tax reporter

December 20
AT Think In the blogs: Glistening once again

NFT guide; levels of the IRA; new blog in town; and other highlights from our favorite tax bloggers.

December 20

Jeff Stimpson
Technology

Credit Karma aims to speed refunds this tax season

The company wants to create a refund-focused tax experience for customers, including reducing the time people need to wait for their refunds.

By Chris Gaetano
Technology Editor

December 20
AT Think Global companies are changing their headquarters and tax rates

The long-term decline in the number of Fortune Global 500 companies headquartered in the U.S. occurred amid a trend of lower statutory corporate income tax rates outside the U.S.

December 20

Brandon Pizzola

EY US
Family offices

Heirs to $19B face succession doubts from family offices

The next generation of the ultra-rich say they're ready for succession. The executives responsible for managing families' fortunes aren't so sure.

By Amanda Albright
Reporter

December 20
Charitable deductions

Tech wreck of 2022 decimates billionaires' war chests for charity

Certain wealthy people have placed big bets on the companies that made them rich for decades without the IRS objecting.

By Ben Steverman
Personal finance reporter

December 20

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.