March Madness; one ringy-dingy; trouble with tariffs; and other highlights from our favorite tax bloggers.
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Off to the races
Dean Dorton : For those who own horses or run a farm, tax season can feel like a mad dash to the finish line. The good news: a few “big picture” rules drive most of the tax outcomes that are seen in equine and farm operations. This blog highlights the items that tend to matter most: business-versus-hobby status, whether losses are limited under the passive activity rules, and what to watch for when a horse is sold.Yeo & Yeo : GASB Statement No. 103, “Financial Reporting Model Improvements,” is not a full overhaul like GASB 34 was; instead, it is a targeted refinement. Its new requirements directly affect how government entities prepare annual financial statements, particularly in the areas of MD&A, unusual or infrequent items, proprietary fund reporting, component unit presentation and budgetary comparisons.Trout CPA : Self-directed IRAs are increasingly popular among real estate investors seeking tax-advantaged exposure to real estate syndications. When structured correctly, they can be powerful. When structured incorrectly, they can wipe out the IRA’s tax benefits and create unexpected tax filings and penalties. This blog explains what can go wrong with SDIRA syndication investing, the compliance rules that matter most, and how sponsors and investors can reduce risk.The Tax Times : The Tax Court allowed Olivian Holdings LLC to keep its full $70 million 2018 conservation easement deduction and avoid roughly $26 million of tax and all penalties, solely because the IRS issued the final partnership adjustment too late under IRC Section 6235.
Name, image, and likeness
National Taxpayer Advocate : March Madness is back. While fans focus on brackets and buzzer-beaters, many student-athletes are facing a different challenge off the court: navigating the tax consequences of compensation they receive for the use of their name, image and likeness.Taxnotes : A lot of time is spent on the phone trying to reach an IRS employee who can assist the taxpayer you represent. Representatives sometimes have a direct phone number to an employee who can assist. However, in most situations taxpayers and representatives must go through a phone line that the Joint Operations Center oversees.ITEP : This week, troubling revenue projections are making headlines, with many lawmakers scrambling to determine how the tax changes at the federal level, plus price hikes driven by national policy decisions, will impact their states.
Clean up in Aisle 12
Massey and Company : Starting a business is exciting — until you realize every dollar moving through your operation needs to be tracked, categorized and ready for tax time. The good news? Setting up your books correctly from the start takes less time than cleaning up a mess later.Tax Vox : Tax policies affect different groups of people differently. Sometimes, this is by design. Tax Vox shares how tax analyses can demonstrate how policies affect different populations or subgroups, in accurate and compelling ways in its new guide.U of I Tax School Blog : As you develop your succession strategy, you’ll soon realize that a successful one is not created overnight. Beyond preparation and planning, it requires a mindful execution, especially when it comes to your clients.Virginia – US Tax Talk : The taxman is racing to catch up with crypto’s explosive growth, with 741 million users worldwide just last year. Global crypto reporting has arrived, yet U.S. technology and enforcement capacity continue to lag. Recent reporting by the International Consortium of Investigative Journalists gives sobering information about the decrease in the number of federal investigators assigned to review anti–money laundering practices in the cryptocurrency industry.
Investment boom bust
Tax Foundation : A year ago President Trump charted a new course for US trade, calling it “Liberation Day.” The president said his idea was simple: the US would charge the same tariffs as our trading partners. One year later, the evidence shows the tariffs were not reciprocal, did not generate the promised investment boom, raised less revenue than projected and contributed to higher prices.Wiss : In February of this year, the IRS and Treasury Department issued Notice 2026-16, providing interim guidance on a new depreciation provision under Section 168(n) of the Internal Revenue Code — one of the most significant manufacturing incentives included in the One Big Beautiful Bill Act. Here is what the guidance says, and what it means for businesses.Avalara : Washington State has enacted an income tax on millionaires. One of just eight states with no individual income tax currently, Washington is the first — and to date only — state to pass an income tax specifically targeting high earners.
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