IRS Expands The Online Self-Service Platform Tax Accounts To Businesses

In IR-2026-46, April 6, 2026, The Internal Revenue Service provides a major expansion of its Business Tax Account, making the available to partnerships, federal, state, and local governments, Indian tribal governments, and tax-exempt organizations.

“By opening the Business Tax Account to partnerships, tax-exempts and other organizations, we’re giving millions more entities secure, convenient access to their tax information,” said IRS Chief Executive Officer Frank J. Bisignano. “Digital access will reduce the burden on these taxpayers because they no longer will be limited to paper and phone interactions to perform simple tasks with the IRS.”

The newly eligible entities join sole proprietors, S corporations, and C corporations that are already able to access the platform. The expansion supports the agency’s ongoing service improvement effort by broadening digital access to more segments of the business community.

The Business Tax Account is a secure, centralized platform that allows eligible users to manage their federal tax responsibilities online. Through BTA, users and designated officials can:

• View tax balances, make payments, and see payment history
• Download select digital notices
• View eligible transcripts, such as payroll and income
• Request a tax compliance check
• See the business name and address on file with the IRS

For more information or to set up a Business Tax Account, visit www.irs.gov/businessaccount..

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Beyond Panama Papers: How the Super-Rich Still Hide Oceans of Wealth

Ten years after the explosive revelations of the Panama Papers, a new report from Oxfam paints a stark picture of how extreme wealth inequality and tax evasion have only deepened. According to the analysis released on April 2, 2026, the richest 0.1 percent of people now hold more untaxed wealth in offshore accounts than the combined wealth of the poorest half of the global population of about 4.1 billion people.

Oxfam estimates that $3.55 trillion in untaxed wealth was hidden offshore in 2024. That figure surpasses the entire GDP of France and is more than twice the combined economic output of the world’s 44 least-developed countries.

Even more striking, about 80 percent of this offshore wealth belongs to the wealthiest 0.1 percent — with the ultra-rich 0.01 percent controlling nearly half of it.

A Decade After the Panama Papers

“The Panama Papers pulled back the veil on a shadow world where the richest quietly move immense fortunes beyond the reach of taxes and scrutiny,” said Christian Hallum, Oxfam International’s Tax Lead. “Ten years on, the super-rich are still sequestering oceans of wealth in offshore vaults.”

The report underscores that this is not just a question of creative accounting, but of power and impunity. When billionaires hide fortunes offshore, governments lose critical funding for hospitals, schools, and infrastructure. Ordinary people end up paying the price as the public sector is starved of resources and inequality grows ever wider.

The Global Cost of Evasion

While efforts such as the Automatic Exchange of Information system (AEOI) have made some progress in curbing untaxed offshore holdings, these gains have not benefited everyone equally. Many developing countries, those that need tax revenue most, are still excluded from AEOI participation.

As a result, untaxed offshore wealth remains stubbornly high, equal to about 3.2 percent of global GDP. For countries in the Global South, the lost revenue means fewer teachers, weaker health systems, and slower economic development.

A Call for Coordinated Action

Oxfam’s findings come as a clear call for coordinated international action to rein in extreme wealth and close the loopholes that allow the ultra-rich to hide assets offshore. The organization urges reforms that make global tax systems more transparent and equitable — ensuring that the wealthiest contribute fairly to societies from which they benefit.

As the world reflects on a decade since the Panama Papers, the question remains: will this new spotlight on offshore wealth finally lead to meaningful change, or will the richest continue to live by a different set of financial rules?

Experianced International Tax Planning Is Needed
To Avoid US Tax Traps For The Unwary!

   Contact the Tax Lawyers at

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NIL Deals Are Turning Student‑Athletes into Small Business Taxpayers who Need Professional Advice

In a recent blog post, the National Taxpayer Advocate (NTA) warns that NIL arrangements are effectively converting many young athletes—often with no prior filing history, into small business owners for federal tax purposes, with corresponding exposure to income tax, self‑employment tax, and underpayment penalties. Post‑NCAA v. Alston, athletes at both the collegiate and, increasingly, high school levels may monetize their name, image and likeness through endorsement contracts, appearance fees, social media promotion, and school‑facilitated revenue‑sharing. Unlike traditional wage income, NIL compensation generally is not subject to withholding, shifting the burden to the athlete to calculate liabilities, make timely estimated tax payments, and comply with multi‑form information reporting.

Scope of Taxable NIL Income

The NTA underscores that NIL income is not limited to cash payments; it encompasses all accessions to wealth tied to the athlete’s commercial use of their persona. Taxable receipts typically include:

·         Cash payments for appearances, autograph signings, and social media content.

·         Royalties from licensed merchandise or trading card deals.

·         Non‑cash consideration such as vehicles, apparel, travel, meal vouchers, or other in‑kind perks provided by sponsors or local businesses.

·         Direct revenue‑sharing payments from educational institutions or affiliated entities.

These items are often reported on Forms 1099‑NEC or 1099‑MISC, and the blog notes that many athletes are surprised to see information returns for benefits they viewed as “free.” Even where a Form 1099 is not issued, the athlete remains obligated to report the income and include the fair market value of non‑cash benefits in gross income under general realization principles.

Compliance Profile: Self‑Employment, Estimated Tax, and Recordkeeping

For federal purposes, most NIL earners are treated as independent contractors engaged in a trade or business, with income reported on Schedule C (and royalties on Schedule E where applicable), and net earnings generally subject to self‑employment tax under section 1402. Because payors typically do not withhold, the NTA stresses the need for quarterly estimated tax payments to mitigate large year‑end balances and section 6654 additions to tax. The blog emphasizes that athletes must maintain books and records akin to any other small business: tracking multiple income streams, substantiating deductible expenses (e.g., travel, promotional costs, agent/marketing fees), and reconciling various information returns received from collectives, schools, and third‑party sponsors.

Role of Advisors and Risk Mitigation

The NTA characterizes professional tax guidance as a “necessity rather than a luxury” for many NIL participants, given their youth, lack of tax literacy, and the layered nature of NIL compensation. Practitioners should anticipate issues such as unreported barter income, mismatches between 1099 reporting and filed returns, dependency questions in the family context, and potential state and local nexus where athletes perform services across multiple jurisdictions. 

The blog encourages early engagement to set up basic systems, contract review, contemporaneous tracking of non‑cash benefits, periodic tax accruals and savings, and calendarized estimated payment reminders, to prevent NIL opportunities from evolving into collection and penalty problems.

 Need Tax Advice on NIL Payments?

     Contact the Tax Lawyers at

Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)

Sources:

1.       https://www.taxpayeradvocate.irs.gov/news/nta-blog/march-madness-nil-and-tax-brackets/2026/03/    

2.      https://www.taxpayeradvocate.irs.gov/get-help/general/nil/    

3.      https://tax.thomsonreuters.com/news/ncaas-tax-exempt-status-under-pressure-as-student-athletes-gameplan-for-new-revenue-sharing/

4.      https://www.irs.gov/businesses/small-businesses-self-employed/name-image-and-likeness-income  

5.       https://www.tx.cpa/news-publications/news-announcements/article/2026/02/09/nil-income-for-student-athletes-tax-implications-and-emerging-pitfalls-for-practitioners 

6.      https://www.taxpayeradvocate.irs.gov/news/nta-blog/nta-blog-student-athletes-involved-in-nil-agreements-should-be-aware-of-their-tax-obligations/2023/12/

7.       https://watax.com/blog/nil-income-tax-implications

8.      https://community.thomsonreuters.com/tax-accounting/f/payroll-compensation-pension-benefits/33817/ncaa-s-tax-exempt-status-under-pressure-as-student-athletes-gameplan-for-new-revenue-sharing

9.      https://law.temple.edu/10q/the-supreme-court-calls-foul-on-the-ncaa-impact-of-the-nil-ruling-on-college-athletics/

10.   https://blog.turbotax.intuit.com/self-employed/a-parents-guide-to-nil-navigating-your-college-athletes-taxes-53889/

11.    https://arbcpa.com/nil-income-and-taxes-what-college-athletes-and-families-need-to-know/

12.   https://www.supremecourt.gov/opinions/20pdf/20-512_gfbh.pdf

13.   https://miltonlawgroup.com/2026/01/16/nil-income-tax-tips-student-athletes/

14.   http://www.subr.edu/assets/subr/COBJournal/College-Athlete-Revenue-Sharing-and-NIL.pdf

https://www.ncsl.org/resources/details/new-college-recruiting-pitch-tax-free-nil-earnings

The IRS Says It Wants To Crack Down On Big Partnerships. TIGTA’s Latest Report Shows How Far It Still Has To Go

Is the IRS Really Cracking Down on Large Partnerships?

A new March 2026 report from the Treasury Inspector General for Tax Administration (TIGTA) says the IRS still does not have a fully effective strategy for auditing large partnerships, despite years of promises and new technology. For large operating partnerships, funds, and complex structures, the picture is nuanced: most partnerships will not be examined, but those that are can face very large adjustments.

What Did TIGTA Find?

TIGTA looked at how the IRS is using data analytics, “soft letters,” and traditional audits to police large partnerships (generally those with at least $10 million in assets). A few key points stand out:

·         The number of large partnership returns has more than doubled in the last decade, but the audit rate has dropped to well below 1%.

·         When the IRS does audit complex partnerships and finds problems, the tax adjustments can be many times larger than in big corporate audits.

·         A recent balance sheet “soft letter” campaign sent to hundreds of large partnerships did not result in a single audit, largely because of resource constraints and timing issues.

·         The IRS is using artificial intelligence and specialists to identify “high‑risk” partnerships, but not all eligible returns are actually being run through the models yet.

In short, the IRS is still building the airplane while flying it, but it is clearly committed to focusing its limited resources where it thinks the dollars are.

What This Means for You

For clients, the main takeaway is not “we’ll never be audited.” Instead, it is that audit selection is becoming more targeted, and the partnerships that do get selected will likely face a deep dive into structure, transactions, and documentation.

You should expect:

·         Less random scrutiny, more targeted attention. The IRS wants to use data and AI to zero in on partnerships it believes present the highest risk, including those with complex, tiered structures and unusual allocations.

·         More focus on basic consistency. TIGTA’s report highlights simple balance sheet discrepancies as a trigger for recent IRS outreach. If assets do not match liabilities plus partners’ capital, or if there are unexplained swings year‑over‑year, that increases your risk profile.

·         Longer, higher‑stakes exams when they do occur. Large partnership audits often span multiple years and can lead to significant adjustments that flow through to partners and financial statements.

How to Stay Ahead of the Curve

A few practical steps can significantly reduce your risk of becoming a “problem case” if the IRS looks your way:

·         Make sure your balance sheet ties out.
Have clear workpapers showing how assets, liabilities, and partners’ capital reconcile, and be prepared to explain major year‑over‑year changes.

·         Document the story behind complex structures and deals.
For tiered entities, special allocations, preferred equity, and cross‑border transactions, maintain concise explanations of the business purpose and tax treatment.

·         Treat IRS “soft letters” seriously.
A soft letter is not a formal audit, but TIGTA’s report suggests the IRS will keep refining these campaigns. Providing a complete, well‑organized response can reduce the risk of follow‑up.

·         Align tax, finance, and legal.
Ensure your partnership agreements, financial reporting, and tax returns tell the same story. Inconsistencies across those documents are increasingly easy for the IRS to spot.

How We Can Help

Our team works with large partnerships, funds, and closely held businesses to prepare for this evolving enforcement environment. We can:

·         Review your existing structures and returns for the types of issues highlighted in TIGTA’s report.

·         Help you build or refresh your documentation and balance‑sheet support.

·         Assist in preparing responses to IRS letters and managing examinations if they arise.

 Have A Partnership Tax Problem?

     Contact the Tax Lawyers at

Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)