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 In the blogs: Ob-La-Di OBBBA

OBBBA and gambling; a billing lesson from bookkeeping; BOI 2.0; and other highlights from our favorite tax bloggers.

July 15

Jeff Stimpson
Trump tax plan

More winners and losers from the Trump tax bill

Many of the provisions of the OBBBA benefit businesses, but colleges and universities will take a hit, as will companies in renewable energy.

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

July 15
AT Think Life insurance proceeds and valuation after Connelly

Here's why insurance-funded redemptions do not necessarily increase enterprise value and how a Supreme Court decision didn't reflect economic reality.

July 15

Anthony Venette

Withum
Technology

Thomson Reuters launches agentic AI for tax advisory, 1040 processing

Thomson Reuters debuted two agentic AI offerings that are aimed at improving tax and advisory workflows: Ready to Advise and Ready to Review.

By Chris Gaetano
Technology Editor

July 15
Tax relief

Texas flooding, weather victims get tax relief

The IRS is giving payment and filing relief to taxpayers in the Lone Star State who were affected.

By Jeff Stimpson
Freelance writer

July 15
Trump tax plan

Next Trump budget bill begins taking shape in House

The ink is hardly dry on the $3.4 trillion tax and spending package and House Republicans are already at work on a follow-up budget bill coming this autumn.

By Erik Wasson
Capitol Hill reporter

July 14
Portfolio strategies

4 tax-saving real estate strategies — and how to avoid their pitfalls

The Trump megalaw's expansion of opportunity zone credits and other investment approaches comes with caveats based on timing and taxes.

By Tobias Salinger
Chief Correspondent

July 14

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.

Sponsored by Intuit Quickbooks
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.