Taxes don’t pause; chaotic policy; larger tax burden; and other highlights from our favorite tax bloggers.
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Ignorance of the law is no excuse
Current Federal Tax Developments : The compliance burden for U.S. taxpayers receiving foreign gifts has intensified over the last decade, particularly under the disclosure regime mandated by Internal Revenue Code Sec. 6039F. Failure to timely file Form 3520 triggers severe penalties equal to 5% of the amount of the foreign gift for each month the failure continues, capped at 25% in the aggregate. While the statute provides a “reasonable cause” exception under IRC Section 6039F(c)(2), the IRS routinely rejects ignorance of the law as a valid defense.Tax Foundation : In May, the U.S. government refunded just slightly more in customs duties than it collected. In June, it refunded more than twice what it collected. While small on their own, the net outflows illustrate a broader problem with President Trump’s tariff regime: legally uncertain and chaotic policy create instability for government revenues and for the people and businesses trying to plan investment and hiring decisions.Intuit Turbotax : The official unemployment rate was 4.2% in June 2026, according to the Bureau of Labor Statistics. That figure only counts people who’ve applied for work in the past four weeks. The BLS also tracks a few broader measures, such as people working part-time who’d prefer full-time. That rate was 7.9%. Whatever the number, taxes don’t pause while you’re looking for work. This blog offers a few tax tips to keep in mind while transitioning between jobs.
Portfolio of rental properties
CLA : Whether it is a single vacation cabin, a downtown Airbnb or a portfolio of rental properties across multiple cities, the potential for generating income from the short-term rental market has never been greater. However, many owners quickly discover that running a successful short-term rental business requires far more than attracting guests and maintaining five-star reviews.Forbes : A recent U.S. Tax Court order in Bowen v. Commissioner had tax professionals talking this week. Some tax pros view it as a setback for taxpayers seeking COVID-era penalty and interest relief.Withum : On July 2, the U.S. Court of Federal Claims decided Keysight Technologies Inc. v. United States, holding that the Treasury Department exceeded its statutory authority when it issued a regulation governing the global intangible low-taxed income regime. Days later, on July 10, the deadline passed for taxpayers to file protective refund claims under a different Court of Federal Claims ruling — Kwong v. United States, the COVID-era penalty case the government has appealed to the Federal Circuit. The two cases involve entirely different tax provisions. But they rest on the same legal foundation.Abrigo : Credit unions are known for reliable and responsive service, supporting local businesses and caring for the financial well-being of their communities. But upholding these values while sustaining growth becomes much more difficult when staff spend their days chasing documents, updating spreadsheets, emailing status updates and trying to determine where a loan sits in the approval process. This blog shows how two credit unions have modernized their lending operations.
Matriarchs and patriarchs
Berkowitz Pollack Brant: Over the past few years, many high-net-worth family matriarchs and patriarchs rightfully accelerated their gift-giving strategies to reduce the value of their taxable estates in anticipation of a scheduled halving of the estate tax exemption at the end of 2025. However, with the enactment of the One Big Beautiful Bill Act and the preservation of very generous lifetime exemptions of $15 million per person ($30 million per married couple filing jointly) as of January 1, many families may regret their decisions.National Association of Tax Professionals : A bond looks simple until the brokerage statement shows up. Then there’s accrued interest, a market discount adjustment, a premium amortization line and maybe some tax-exempt income mixed in. Add an inherited savings bond, and a single Form 1099-INT, “Interest Income,” or Form 1099-OID, “Original Issue Discount,” can turn into a real research project.Don’t Mess With Taxes : Navigating the complexities of tax season can be daunting for individuals and business owners alike. Tax preparation and planning services are designed to help understand obligations, maximize deductions and ensure compliance with tax laws. These services encompass everything from gathering necessary documentation and calculating liability to strategically planning for future tax implications. Engaging with professionals or utilizing specialized software can significantly streamline this process and potentially lead to substantial savings.
The larger tax burden
Tax Vox : Though federal income taxes often receive more attention, payroll taxes are the larger tax burden for many households. TPC estimates that this year, most people with less than $226,600 in annual income (all but the top 20% of the income distribution) will pay more in payroll taxes than federal income taxes. Payroll taxes are assessed on wages and paid by both employers and employees. Almost three-quarters of taxpayers owe them. Of those who do not, many are elderly, have a disability or are students.Armanino : The 2024 Uniform Guidance revisions created both opportunities and new compliance obligations for federal award recipients, with important implications for nonprofit accounting such as higher threshold to reduce administrative burden while improving cost recovery and new documentation expectations that may require stronger day-to-day controls. A decade after the OMB first consolidated its grants circulars into the Uniform Guidance, federal grants management has been reshaped again.CBIZ : As real estate transactions grow more complex, the governing rules also become more intricate. Related-party, reverse and improvement exchanges offer valuable planning opportunities but also raise tax, documentation and execution risks. Achieving a successful outcome requires more than understanding IRS requirements.
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