Within the blogs: Simply take a look at that squirrel

New GASB requirements; tax cheats; alongside for the rideshare; and different highlights from our favourite tax bloggers.

Processing Content material

Simply take a look at that squirrel

• ITEP: Our favourite headline of the week: “The Huge Companies That Averted All Federal Revenue Taxes on Their 2025 U.S. Income Would Like Us All to Please Simply Take a look at That Squirrel Over There.” Final week ITEP printed a listing of 88 worthwhile companies that reported paying zero federal earnings taxes on their 2025 U.S. earnings, in no small half as a result of company tax cuts pushed by by the Trump administration and a Republican Congress in 2017 and 2025. The report’s methodology is easy: It merely republishes a couple of knowledge factors the businesses themselves disclose of their 10-Ok annual monetary experiences. Even so, a handful of observers took the chance to make halfhearted objections to their evaluation.
• Yeo and Yeo: Authorities accounting requirements proceed to evolve, and the tempo of change exhibits no indicators of slowing. For presidency leaders, staying knowledgeable about upcoming GASB requirements isn’t merely a technical train; it is a crucial a part of monetary stewardship, transparency and audit readiness. Three new requirements particularly — GASB Statements 103, 104 and 105 — will have an effect on how governments method monetary reporting, disclosures and implementation planning over the approaching years. 

Within the rearview mirror

• Berkowitz Pollack Brant: The April tax submitting deadline could also be within the rearview mirror, however criminals stay exhausting at work inventing new and extra refined strategies to steal taxpayers’ identities and their hard-earned monetary belongings. To assist people and enterprise homeowners acknowledge the warning indicators of those crimes and keep away from changing into victims, the IRS yearly releases a listing of the “Soiled Dozen” most typical tax scams. This web site options the highest scams of 2026 for which taxpayers and tax preparers ought to stay on alert all year long.
• Tax Professional Middle: Congratulations on surviving one other busy season! By now, you have hopefully caught up on misplaced sleep, engaged on plans for the summer time and catching up in your favourite streaming present. Alongside the best way, remember to try Could’s tax and compliance deadlines, and be sure you share this listing together with your purchasers.
• Taxing Topics: When the ultimate returns are filed and the deadlines move, most tax professionals really feel the identical mixture of aid and exhaustion. One other season is finished. What you do proper now can have a direct influence on how clean, worthwhile and manageable subsequent tax season will likely be.

Scholar mortgage forgiveness

• Wolters Kluwer: The Biden pupil mortgage forgiveness plan — first introduced on Aug. 24, 2022 — was struck down on June 30, 2023, and has not been revived or reinstated since then. The Supreme Court docket’s resolution absolutely resolved this system’s legality, completely blocking its implementation absent new laws from Congress.  
• Do not Mess With Taxes: Synthetic intelligence advocates say the expertise will help the IRS discover and gather from tax cheats. However these cautious of AI say that can occur provided that the company has sufficient well-trained personnel to make sure the system is used responsibly.
• Vertex: A communications and collaboration hole exists between tax and IT teams in some companies. This divide is a bit shocking on condition that each teams are concerned with lots of the key monetary actions that happen every day all through the group.
• Trout CPA: Brief-term rental losses can nonetheless be handled as non-passive in 2026, however current tax developments have made documentation and materials participation extra essential than ever. Whereas 100% bonus depreciation might enhance the scale of the deduction, taxpayers nonetheless want to satisfy the short-term rental guidelines and help their place with sturdy data.

Tempting guarantees

• HBK: Excessive-net-worth people looking for tax discount methods might encounter funding pitches promising extraordinary charitable deductions, generally 5 or extra occasions their preliminary money funding. Whereas they usually include tempting guarantees backed by authorized opinions, the opinions are typically weak and supported by questionable authorized evaluation. Many alternatives have caught the eye of federal regulators and tax enforcement officers, elevating severe questions on their legitimacy and the potential penalties for members.
• Sagenext: As we enter 2026, important adjustments to estimated tax guidelines are reshaping how small-business homeowners and self-employed people method their quarterly tax obligations. The primary quarter of 2026 brings new calculation strategies, up to date secure harbor provisions and revised penalty buildings that demand speedy consideration from taxpayers and their advisors.
• Tax Vox: As Congress advances a finances decision, setting the stage for one more reconciliation course of, the White Home’s fiscal yr 2027 finances proposal stays the clearest assertion of administration priorities and an essential lens for evaluating longer‑time period fiscal coverage challenges.
• Mauled Once more: The mayor of Philadelphia has proposed elevating an earlier proposed 20-cent tax on a rideshare to a $1 tax. The income could be used to fund Philadelphia’s public colleges. Debate appears to concentrate on whether or not the rideshare corporations would pay the tax or whether or not it might be handed alongside to passengers.