Tax News from Accounting Today

The tax-filing season for individuals just opened recently, but businesses already got a head start on various tax incentives in the One Big Beautiful Bill Act.

Plus, Sage rolls out AI enhancements for reporting, AP, sales; Datarails launches Spend Control solution for contract visibility.

The agency incorrectly labeled some taxpayers as hostages when providing tax relief, or failed to remove a special indicator after their release from captivity.

Tax and software provider Ryan acquired Meritax Advisors, expanding its property tax capabilities.

Proposed regs from IRS finally address the reporting threshold confusion that has plagued tax practitioners since 2021.

None of the findings in a new working academic paper will likely surprise financial advisors. But they could provide some helpful data for conversations with investors.

Senators Ron Wyden and Elizabeth Warren want to know if the DOJ plans to defend the IRS against Trump's $10 billion lawsuit over the leak of his tax returns.

The basics of the car loan interest deduction is that it must be a new vehicle assembled in the United States, with the loan being a first lien on the vehicle.

The Internal Revenue Service and the Treasury released proposed regulations on the clean fuel production credit under the One Big Beautiful Bill Act.

The Internal Revenue Service posted a contingency plan Friday indicating that it would be able to operate until Feb. 7, 2026, while keeping all 74,942 employees working. 

Lawmakers are demanding answers about the sharing of taxpayer information with the Department of Homeland Security and Immigration and Customs Enforcement.

The White House Council of Economic Advisers released a research study analyzing the economic impact of state income tax elimination.

The American Institute of CPAs is asking for a contingency plan that keeps 100% of IRS employees on the job in case of a shutdown during tax season.

The accounts give wealthy investors more opportunities to place alternative vehicles in a tax-advantaged retirement nest egg. But mistakes can be costly.

National Taxpayer Advocate Erin Collins warned in her annual report to Congress that this tax season is likely to bring bigger challenges for taxpayers who encounter problems with the Internal Revenue Service.

Taxes are heavily context dependent, complex and require precise calculations. The consequences of getting them wrong are significant.

The Internal Revenue Service posted a fact sheet about its move away from paper checks to electronic payments for taxes and tax refunds.

A group of Senate Democrats and the Treasury Inspector General for Tax Administration are raising questions about the impact of IRS funding cuts.

Missed IRA RMDs can cost clients thousands, Vanguard research shows. But financial advisors can help erase tax penalties and avoid future ones with a few key strategies.

The IRS issued a notice extending the deadline for making certain amendments to IRAs, SEP arrangements and SIMPLE IRA plans until Dec. 31, 2027.