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 Use company acquisitions to access economic incentives

In the current economic environment, it could be advantageous for you or your clients to consider a strategic acquisition.

December 24

Ben Worrell

McGuire Sponsel
AT Think 2020 year-end tax planning for trusts can yield major savings

Even with just a few days remaining in 2020, a trustee can still employ tax-saving strategies.

December 24

Jo Stahl

Prairie Trust
Tax refunds

GOP blocks Democrats’ bid for $2K payments Trump demanded

House Republicans blocked Democrats’ attempt to meet President Donald Trump’s demand to pay most Americans $2,000 to help weather the coronavirus pandemic.

By Billy House
Reporter

December 24
Work from home

States battle over billions in work-from-home taxes

A case filed by New Hampshire against Massachusetts has drawn in more than a dozen other states.

December 23
IRS

Verady releases pro version of cryptocurrency tax platform

Ledgible Tax Pro is designed for tax professionals with clients who have investments in cryptocurrency.

By Ranica Arrowsmith
Technology Editor

December 23
Tax planning

Rich Americans who fear higher taxes hurry to move money

Concerns about rising tax rates under the incoming Biden administration are a major factor.

December 23
Paycheck Protection Program

Clarity at last: Stimulus package allows PPP deduction

The provision could amount to $120 billion in write-offs.

December 22

Resources

The latest Accounting Today research and discussion:

Web Seminar The psychology of a modern tax workflow: Reducing anxiety, decision fatigue & compliance risk

In this session you'll learn practical, firm-tested principles to reduce confusion, improve predictability, and strengthen both client and staff confidence.

Partner Insights from SmartVault
Web Seminar Tax Planning for 2027

This webinar will look at key opportunities and stumbling blocks for practitioners

Sponsored by 8am CPACharge
Web Seminar From tax question to tax strategy: Turning everyday client conversations into advisory opportunities

This webinar demonstrates how firms can uncover planning opportunities hidden within everyday client conversations and transform routine compliance discussions into higher-value advisory engagements.

Partner Insights from Intuit

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.