Tax & Accounting News

TaxBuzz Top 5 - IRS Says Churches Can Endorse Political Candidates, Brazil Coach Carlo Ancelotti Handed Prison Sentence & More

7/11/2025

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. IRS Urges Early Filing for Extension Holders Ahead of October Deadline

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Per Newsweek, the IRS is urging taxpayers who requested extensions on their 2024 federal returns to file during the summer, warning of a fall rush ahead of the October 15 deadline. The agency emphasized that early submission can help avoid system slowdowns, reduce penalties, and resolve potential filing issues more efficiently.

To assist filers, the IRS is promoting its Free File program, which offers free, guided tax prep for individuals earning $84,000 or less. Free Fillable Forms are also available to all taxpayers regardless of income. Multiple secure payment options are supported, and taxpayers unable to pay their full balance can apply for online payment plans.

Short-term plans (under $100,000 owed) offer 180 days to pay, while long-term agreements (under $50,000) provide up to 72 months—cutting the failure-to-pay penalty in half. However, interest continues to accrue.

Tax experts caution that even with an extension, interest began accruing after April 15. “Unpaid balances are now compounding daily at a 7% rate,” said Rutgers professor Jay A. Soled.

The IRS will continue processing returns throughout the summer. Early filers can avoid the October bottleneck by submitting their documents now.

2. Tax Breaks Ignite Factory Optimism But Tariffs Keep Manufacturers Wary

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Credit: Vithun Khamsong/Getty Images

U.S. manufacturers are cautiously optimistic after the passage of Donald Trump’s $3.4 trillion budget bill, which reinstates key tax breaks including 100% bonus depreciation and immediate deductions for R&D and interest. Industry groups say the provisions offer much-needed certainty to businesses that had paused investment decisions.

“Tax was a huge one and it is now off the table,” said Charles Crain of the National Association of Manufacturers in a Bloomberg article.

While some, like North Carolina’s Ketchie Inc., are moving forward with million-dollar equipment upgrades, many manufacturers remain hesitant. The uncertainty stems from Trump’s erratic tariff policy, including a proposed 50% duty on imported copper and rising levies on steel and aluminum.

“If companies can’t price their product accurately... their decisions will stay largely frozen,” Susan Spence of the Institute for Supply Management told Bloomberg.

Economists caution that while tax incentives may boost investment over time, tariffs could neutralize their impact. “In the end, the ‘best case’ likely tariff scenario adds far more costs to most capital investment than this legislation could possibly offset,” said Ball State professor Michael Hicks.

For now, businesses appear to be in wait-and-see mode, vacillating between generous tax relief and a volatile trade environment.

3. Brazil Coach Carlo Ancelotti Handed Prison Sentence in Spanish Tax Case

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A Madrid court has sentenced Brazil national team coach Carlo Ancelotti to one year in prison and fined him €386,000 ($452,000) for tax fraud related to image rights earnings during his first stint as Real Madrid manager in 2014. According to ESPN, prosecutors had sought up to 4 years and 9 months, but Ancelotti avoided jail time under Spanish law, which typically suspends sentences under two years for nonviolent offenders without prior convictions.

Ancelotti was cleared of a similar 2015 charge after the court determined he had not stayed long enough in Spain that year to qualify for tax liability. Prosecutors had accused him of hiding income using shell companies, including one allegedly based in the Virgin Islands without real economic activity.

His legal team welcomed the verdict, according to an unnamed staff member cited by the Associated Press. The Brazilian football confederation has not issued a statement.

Ancelotti joins a long list of football figures—Cristiano Ronaldo, Lionel Messi, Diego Costa—who have faced tax fraud cases in Spain. Unlike many who settled out of court, Ancelotti’s case proceeded through legal channels.

The 66-year-old soccer coaching legend left Real Madrid in May to lead Brazil’s national squad.

4. Gamblers Face Higher Taxes Under New Trump-Backed Law

Credit: Tatiana Maksimova/Getty Images

A somewhat under the radar provision in Donald Trump’s sweeping budget package is causing major concern in the professional gambling world. Starting January 1, 2026, USA Today reports, gamblers will only be able to deduct 90% of their losses from their winnings, down from the current 100% deduction.

The change could hit professional gamblers especially hard, potentially leaving them owing taxes on so-called “phantom income.” For example, a gambler who wins and loses $100,000 in the same year would still be taxed on $10,000. Poker pro Phil Galfond noted the math could mean some gamblers end up paying more in tax than they actually earn.

“People are screaming from rooftops about it,” said Brett Abarbanel of UNLV’s International Gaming Institute.

While casual bettors won’t feel much impact, high-stakes players could be driven overseas, warned legal expert Nelson Rose in the USA Today piece. The Joint Committee on Taxation estimates the provision could raise $1 billion over the next decade.

With U.S. gaming revenue hitting a record $72 billion in 2024, lawmakers appear focused on capturing more tax from the booming betting economy. But experts warn this new rule could make professional gambling in the U.S. “entirely unprofitable" for some.

5. IRS Says Churches Can Endorse Candidates Without Losing Tax-Exempt Status

Credit: Erica Shires/Getty Images

In a major shift with potentially wide-reaching political consequences, the IRS has agreed in a legal filing that churches may endorse political candidates without risking their tax-exempt status under the Johnson Amendment. The agreement came in response to a lawsuit filed by the National Religious Broadcasters and other religious organizations and must still be approved by a judge in Texas.

The Johnson Amendment, introduced in 1954 by then-Sen. Lyndon B. Johnson, prohibits all 501(c)(3) nonprofits—including churches—from endorsing or opposing political candidates. Though rarely enforced, the rule has long chilled political speech in religious settings.

The court filing reinterprets the amendment to exclude sermons and internal communications “in connection with religious services,” likening them to a “family discussion” and not a political campaign intervention.

Per NBC News, Notre Dame law professor Lloyd Mayer called the move a “green light” for political endorsements from the pulpit, noting that it could increase pressure on churches to engage politically—even if pastors prefer not to.

The IRS did not comment on the filing. President Trump, a long-time critic of the Johnson Amendment, previously pledged to eliminate it entirely. While this court agreement doesn’t do that, it targets the very language Trump had vowed to dismantle.

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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