Tax News from Accounting Today

The Internal Revenue Service has posted a draft version of Schedule 1-A, "Additional Deductions," for Form 1040 that will be used next tax season when claiming new tax breaks.

The Internal Revenue Service, the Treasury and other parts of the government plan to phase out the use of paper checks for payments by the end of this month.

License to steal; roll the Tape; Kings and Queens and cons; and other highlights of recent tax cases.

A limited federal tax credit, an above-the-line deduction for non-itemizers and restrictions on those of itemizers represent three of the biggest shifts under the new law.

Bloomberg Tax & Accounting released its annual report projecting U.S. tax rate brackets, standard deduction and AMT exemption amounts for the year ahead.

The legislation currently moving through Congress could have dire tax implications for CPA firms that use global outsourcing.

Reducing K-1 penalties; another use for property taxes; 183 isn't always added up the same; and other highlights from our favorite tax bloggers.

A group of mostly Democratic lawmakers sent a letter to Treasury Secretary Scott Bessent criticizing recent moves to ease the corporate alternative minimum tax for large corporations in two recent notices.

A significant proportion of people are following financial advice given to them by AI models, and many reported losing $100 or more.

The market for transferable tax credits for clean energy grew in the past year, but moves by the Trump administration blocked wind and solar energy.

SMBs represent a vital segment of the U.S. economy, and every dollar saved in taxes can be the decisive factor for survival, competitiveness and growth.

The Internal Revenue Service intends to shut down nine in-person Taxpayer Assistance Centers in six states as part of the administration's cost-cutting moves.

Cerulli's research based on a survey of wealth and asset management firms suggest that firms have only just begun to address clients' comprehensive planning needs.

The Internal Revenue Service has hit taxpayers with over $162 million in penalties for claiming fraudulent tax credits touted on social media.

Diversionary tactic; bad intentions; keeping it real; and other highlights of recent tax cases.

Lawmakers introduced two pieces of legislation to completely eliminate taxes on Social Security benefits and extend the premium tax credits for health insurance for one year

Plus, ADP launches wave of new AI features; Deloitte announces AI Infrastructure Center of Excellence; and other accounting tech updates.

The State Department can disclose tax return information to contractors who help revoke or deny a passport of anyone with a seriously delinquent tax debt.

Eight major health care giants saved billions in taxes thanks to the Tax Cuts and Jobs Act, while increasing costs, denying care and cutting staff.

Start viewing challenges or disruptions as a gateway to get better, stronger and more resilient. This mindset shift is exactly what accounting firms need today.