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.

Trump tax plan

Trump 'OK' with tax hike for the rich

President Trump said he would be fine with Republican lawmakers raising taxes on the wealthy, but acknowledged the political challenges.

By Skylar Woodhouse
Reporter

May 9
Finance, investment and tax-related legislation

Major tax legislation set to move

President Trump's 'big beautiful bill' continues to move through the House and Senate.

By Roger Russell
Senior Editor

May 8
Tax planning

IESBA offers Q&A on tax planning ethics

The International Ethics Standards Board for Accountants staff posted guidance to support adoption of its Tax Planning and Related Services Standards.

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

May 8
Tax-related court cases

Tax Fraud Blotter: Patently false

An unclean sweep; quite an education; Ferrari fever; and other highlights of recent tax cases.

By Jeff Stimpson
Freelance writer

May 8
Tax deductions

New bill would expand QBI deduction for small biz

Democratic Rep. Gwen Moore introduced legislation to expand the Section 199A Qualified Business Income deduction for the smallest businesses.

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

May 8
SALT deduction

Republicans discuss raising SALT cap to $30K

The state and local tax issue has been one of the most contentious for the House GOP to resolve.

By Billy House and Erik Wasson

May 8
Tax deductions

GOP eyes pharma tax hike, nixing drug price deal for Trump bill

Lawmakers have separately discussed eliminating a tax deduction for pharmaceutical advertising.

By Bloomberg News

May 8

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.