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 ABLE accounts can help the disabled pay for expenses

Earnings in these accounts aren’t taxed unless a distribution exceeds a designated beneficiary’s qualified disability expenses.

July 29

Mark Friedlich
Corporate taxes

Manchin’s desire to tax corporations helped resurrect Biden agenda

A minimum corporate tax rate wouldn’t spark higher consumer prices, according to the senator.

By Laura Litvan
Reporter

July 29
Tax credits

Manchin sets high bar for Tesla and GM electric-car tax credits

For EVs to qualify, their batteries will need to contain minerals extracted from or processed in a country the U.S. has a free trade agreement with, and a portion of components to be manufactured or assembled in North America.

By Gabrielle Coppola
Reporter

July 29
Tax credits

Here’s how the new U.S. climate deal could make energy bills cheaper

The package includes oodles of tax credits and rebates for people looking to drive and live more sustainably.

By Kyle Stock

July 29
Tax planning

Sinema is potential obstacle for landmark tax, climate and drug bill

The Arizona lawmaker is “reviewing the text and will need to review what comes out of the parliamentarian process.”

By Erik Wasson
Capitol Hill reporter

July 29
Tax-related court cases

Tax Fraud Blotter: Putting a dent in fraud

The mortgage the merrier; going pro; get me a cell, stat; and other highlights of recent tax cases.

By Jeff Stimpson
Freelance writer

July 29
IRS

IRS sent incorrect balance due notices to couples

The service admitted that some married taxpayers received erroneous notices for 2021 tax returns.

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

July 28

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.