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

Tax brackets, inflation adjustments announced for 2026

Rev. Proc. 2025-32 from the Internal Revenue Service detailed a number of changes, including a rise in the standard deduction to $32,200 for married couples filing jointly.

By Jeff Stimpson
Freelance writer

October 9
AT Think Tax Strategy: Guidance on new 2025 deductions and related payroll changes

The Internal Revenue Service is taking steps to make sure taxpayers and tax preparers can reflect OBBBA changes in 2025 tax returns.

October 9

Mark A. Luscombe

Wolters Kluwer Tax & Accounting
IRS

IRS furloughs nearly half of workforce

The remaining 39,870 staff will work on preparing for next year's filing season, modernizing the agency and implementing President Trump's new tax law.

October 8
IRS

IRS closes 'most operations' as shutdown continues

Preparations for next tax season look likely to continue, even as the Internal Revenue Service began furloughing almost half its workforce.

By Daniel Hood
Editor-in-chief

October 8
AT Think In the blogs: Transformations

Shutdowns and tax obligations; 529 money and the CPA exam; gig questions; and other highlights from our favorite tax bloggers.

October 8

Jeff Stimpson
Treasury Department

Bessent taps Theurer for deputy secretary duties at Treasury

A tax specialist at the department, Derek Theurer will take over the deputy secretary duties of Michael Faulkender, who left in August.

October 7
Practice management

Liability risks loom for 2026 tax season

Tax preparers and accountants will face issues old and new as they start filing next year.

By Roger Russell
Senior Editor

October 7

Resources

The latest Accounting Today research and discussion:

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.

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How Advisory Services Create a Competitive Edge

Design advisory services that drive growth

Partner Insights from Wolters Kluwer

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.