In the blogs: Just look at that squirrel

New GASB standards; tax cheats; along for the rideshare; and other highlights from our favorite tax bloggers.

Processing Content

Just look at that squirrel

• ITEP: Our favorite headline of the week: “The Big Corporations That Avoided All Federal Income Taxes on Their 2025 U.S. Profits Would Like Us All to Please Just Look at That Squirrel Over There.” Last week ITEP published a list of 88 profitable corporations that reported paying zero federal income taxes on their 2025 U.S. income, in no small part due to the corporate tax cuts pushed through by the Trump administration and a Republican Congress in 2017 and 2025. The report’s methodology is straightforward: It simply republishes a few data points the companies themselves disclose in their 10-K annual financial reports. Even so, a handful of observers took the opportunity to make halfhearted objections to their analysis.
• Yeo and Yeo: Government accounting standards continue to evolve, and the pace of change shows no signs of slowing. For government leaders, staying informed about upcoming GASB standards is not simply a technical exercise; it’s a critical part of financial stewardship, transparency and audit readiness. Three new standards in particular — GASB Statements 103, 104 and 105 — will affect how governments approach financial reporting, disclosures and implementation planning over the coming years. 

In the rearview mirror

• Berkowitz Pollack Brant: The April tax filing deadline may be in the rearview mirror, but criminals remain hard at work inventing new and more sophisticated methods to steal taxpayers’ identities and their hard-earned financial assets. To help individuals and business owners recognize the warning signs of these crimes and avoid becoming victims, the IRS annually releases a list of the “Dirty Dozen” most common tax scams. This site features the top scams of 2026 for which taxpayers and tax preparers should remain on alert throughout the year.
• Tax Pro Center: Congratulations on surviving another busy season! By now, you’ve hopefully caught up on lost sleep, working on plans for the summer and catching up on your favorite streaming show. Along the way, don’t forget to take a look at May’s tax and compliance deadlines, and be sure to share this list with your clients.
• Taxing Subjects: When the final returns are filed and the deadlines pass, most tax professionals feel the same mix of relief and exhaustion. Another season is done. What you do right now can have a direct impact on how smooth, profitable and manageable next tax season will be.

Student loan forgiveness

• Wolters Kluwer: The Biden student loan forgiveness plan — first announced on Aug. 24, 2022 — was struck down on June 30, 2023, and has not been revived or reinstated since then. The Supreme Court’s decision fully resolved the program’s legality, permanently blocking its implementation absent new legislation from Congress.  
• Don’t Mess With Taxes: Artificial intelligence advocates say the technology can help the IRS find and collect from tax cheats. But those wary of AI say that will happen only if the agency has enough well-trained personnel to ensure the system is used responsibly.
• Vertex: A communications and collaboration gap exists between tax and IT groups in some businesses. This divide is a bit surprising given that both groups are involved with many of the key financial activities that occur each day throughout the organization.
• Trout CPA: Short-term rental losses can still be treated as non-passive in 2026, but recent tax developments have made documentation and material participation more important than ever. While 100% bonus depreciation may increase the size of the deduction, taxpayers still need to meet the short-term rental rules and support their position with strong records.

Tempting promises

• HBK: High-net-worth individuals seeking tax reduction strategies may encounter investment pitches promising extraordinary charitable deductions, sometimes five or more times their initial cash investment. While they often come with tempting promises backed by legal opinions, the opinions are generally weak and supported by questionable legal analysis. Many opportunities have caught the attention of federal regulators and tax enforcement officials, raising serious questions about their legitimacy and the potential consequences for participants.
• Sagenext: As we enter 2026, significant changes to estimated tax rules are reshaping how small-business owners and self-employed individuals approach their quarterly tax obligations. The first quarter of 2026 brings new calculation methods, updated safe harbor provisions and revised penalty structures that demand immediate attention from taxpayers and their advisors.
• Tax Vox: As Congress advances a budget resolution, setting the stage for another reconciliation process, the White House’s fiscal year 2027 budget proposal remains the clearest statement of administration priorities and an important lens for evaluating longer‑term fiscal policy challenges.
• Mauled Again: The mayor of Philadelphia has proposed raising an earlier proposed 20-cent tax on a rideshare to a $1 tax. The revenue would be used to fund Philadelphia’s public schools. Debate seems to focus on whether the rideshare companies would pay the tax or whether it would be passed along to passengers.