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.

Paycheck Protection Program

Clarity at last: Stimulus package allows PPP deduction

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

December 22
Stimulus bill

A dive into the stimulus package's tax provisions

A critical PPP deduction, tax extenders, business meal deductions and more are among the critical points.

By Roger Russell
Senior Editor

December 22
AT Think In the blogs: Re-relief

Size of this rescue; next season’s wrinkles; new blog on board; and other highlights from our favorite tax bloggers.

December 22

Jeff Stimpson
IRS

IRS sets standard mileage rates for 2021

Taxpayers still have the option to calculate the actual costs of using their vehicle.

By Jeff Stimpson
Freelance writer

December 22
Tax-related court cases

Mogul’s dementia claim in tax case spurs U.S. to suspect fakery

Prosecutors call for 'healthy skepticism' regarding the suspect's sudden decline.

December 22
Joe Biden

Barr snubs Trump’s demands, sees no counsel in Biden tax case

Attorney General William Barr said he sees no reason to appoint a special counsel to oversee an investigation of President-elect Joe Biden’s son, Hunter Biden, a statement sure to frustrate President Donald Trump and his closest advisers.

By Chris Strohm

December 21
Tax relief

Beer, restaurants and Nascar win tax breaks in virus-relief bill

Tucked in among more than 5,000 pages of legislative text, the congressional bill providing COVID-19 relief and 2021 government funding includes dozens of tax breaks for beneficiaries ranging from downtown restaurants and the film industry to motor-sports racetracks.

By Laura Davison
Capitol Hill tax reporter

December 21

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.