In the blogs: Breathing room

Private equity in the profession; green cards and exit taxes; governance for preparers; and other highlights from our favorite tax bloggers.

Breathing room

• Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The critical updates of Notice 2025-33, which impacts digital asset brokers and their compliance obligations under IRC Sections 6045, 3406 and related penalty provisions, extend and modify previously granted transitional relief, "offering much-needed breathing room."
• Sovos (https://sovos.com/blog/): The IRS will decommission the Filing Information Returns Electronically system in January 2027; all 2026 returns will need to use the new IRS Information Returns Intake System. The window for preparation is closing fast. 
• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): State legislatures are enjoying a quiet time now, a temporary calm before the storm of the federal tax and budget debate begins raging again.
• Tax Foundation (https://taxfoundation.org/blog): Illinois policymakers should think twice before taxing GILTI.

Simplify, simplify, simplify

• Mauled Again (http://mauledagain.blogspot.com/): Why hasn't the blogger been commenting on the federal legislation that would extend and enlarge tax cuts and tax breaks for wealthy individuals and corporations? The answer is simple. 
• TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): The contours of the Supreme Court's dormant Commerce Clause doctrine of internal consistency, which asks whether a state tax intrinsically overreaches in imposing a burden upon interstate commerce, are difficult to understand. A recent paper examines how uncertainty is suggested again by Zilka v. Tax Review Board. 
• The Rosenberg Associates (https://rosenbergassoc.com/blog/): Private equity entered the accounting profession with promises of creating value and fixing many of the pain points in the profession. A recent survey shows that while PE is already delivering on some of those promises, mixed feelings (and warning signs) abound.
• Wiss (https://wiss.com/insights/read/): The recent Tax Court decision in Soroban Capital Partners LP v. Commissioner has rippled through the financial and legal communities and reinforced the importance of functional roles over formal titles when determining tax liability under self-employment tax.
• Virginia – U.S. Tax Talk: (https://us-tax.org/about-this-us-tax-blog/): When a foreign national works in the U.S. and is granted stock options, taxation of these options can become complex if the individual later leaves the U.S. and becomes a nonresident alien for tax purposes. 

Think about it

• Global Taxes (https://www.globaltaxes.com/blog.php): Does surrendering a green card at a point of entry open the door to the U.S. exit tax?
• Taxnotes (https://www.taxnotes.com/procedurally-taxing): Blogger Mandi L. Matlock breaks down the recent efforts to tighten and centralize governance for preparers.
• TaxConnex (https://www.taxconnex.com/blog-): Your e-commerce clients can create problems with sales tax obligations in several ways. The latest potential pitfall in this series: filing of tax returns.
• The Tax Times (https://www.thetaxtimes.com): The Tax Court's decision in Smith v. Commissioner offered a valuable lesson for anyone who has ever filed a joint tax return with a spouse and then later started doing everything separately.
• Taxing Subjects (https://www.drakesoftware.com/blog): What to remind them about filing penalties, including rates.
• The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): The idea of a $5,000 tax-deferred baby bond isn't exactly new.
• HBK (https://hbkcpa.com/insights/): H.R. 1, if enacted by the Senate, has tax and policy changes that could profoundly affect nonprofits.
• Don't Mess with Taxes (http://dontmesswithtaxes.typepad.com/): What to remind clients of all ages about the tax implications of summer employment, including estimated payments.
• Sikich (https://www.sikich.com/insights/): What to tell law clients about choosing case-management software.
• Taxjar (https://www.taxjar.com/resources/blog): July sales tax due dates.
• The Sales Tax People (https://sales.tax/expert-articles/): What's up with subscription services and sales tax?
• Trout CPA (https://www.troutcpa.com/blog): Financial management, with a heavy dose of tax considerations, for funeral homes.