Author Archives: Russ

Paying the Piper: Qualified Opportunity Zones

Posted on January 23, 2026 by Russ

When Qualified Opportunity Zones (QOZs) began (with the Tax Cuts and Jobs Act (TCJA) in 2018), they were a way of deferring capital gains received.  This year–the 2026 tax year–is when taxpayers who invested in QOZs will be paying the piper. … Continue reading →

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Hurry Up and Wait 11 Years

Posted on January 20, 2026 by Russ

An interesting Court of Appeals decision came out on Friday: Sirius Solutions, LLLP v Commissioner.  Before getting to the decision and what it means (and does not mean), I wanted to comment about timing of court decisions. This case deals with the 2014-2016 … Continue reading →

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Can a Gambling Session Last a Year?

Posted on January 9, 2026 by Russ

The One Big Beautiful Bill (OBBB) added both good and bad for gamblers in the Tax Code. One item that’s bad is that gambling losses are limited to 90% of the gambling losses incurred.  Professor Bryan Camp (a professor of … Continue reading →

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When Will 2026 Tax Season Open? It’s Official: Monday, January 26th

Posted on January 8, 2026 by Russ

Earlier this week, the IRS announced that business tax return efiling will open next week (this came out in an email).  No date has been given yet for individual (personal) tax returns, but I now expect it to open the … Continue reading →

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It’s Time to Issue 2025 Form 1099s

Posted on January 7, 2026 by Russ

It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys); Entities you … Continue reading →

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It’s Time to Start Your 2026 Mileage Log

Posted on January 6, 2026 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Yesterday was the first business day of the new year for most. You may have resolved to … Continue reading →

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The 2025 Tax Offender of the Year

Posted on December 30, 2025 by Russ

Many are called; few are chosen. And I strongly advise you not to choose this route; however, every year my advice is ignored. Yes, it’s time for the annual award I give, the Tax Offender of the Year.  As usual, there are … Continue reading →

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Brockman Estate Settles for $750 Million

Posted on December 29, 2025 by Russ

Robert Brockman “won” the 2020 Tax Offender of the Year (an award you really, really don’t want to win); he passed away in August 2022.  Mr. Brockman won the award for allegedly committing a billion dollar tax fraud. While his … Continue reading →

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The Good, Bad, and Ugly of 2025 Gambling Tax Law Changes

Posted on December 23, 2025 by Russ

With Christmas just two days away and Congress now on recess, we can look back at 2025 and accurately view the changes in tax law towards gambling.  There was some good, some bad, and one very ugly change. The Good: The … Continue reading →

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IRS Interprets One Big Beautiful Bill to Increase W-2G Threshold to $2,000

Posted on December 16, 2025 by Russ

As I reported back in July, §70433(d) of the Tax Code was changed by the One Big Beautiful Bill (OBBB): (d) APPLICATION TO BACKUP WITHHOLDING.—Section 3406(b)(6) is amended— (1) by striking ‘‘$600’’ in subparagraph (A) and inserting ‘‘the dollar amount … Continue reading →

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