Author Archives: Russ

Tom Goldstein Found Guilty on 12 of 16 Counts

Posted on February 25, 2026 by Russ

Last January, former Supreme Court litigator Tom Goldstein was indicted on 22 tax and financial fraud charges.  The judge through out 6 of those charges: Mr. Goldstein was tried on the remaining 16 charges.  Today, the jury in Greenbelt, Maryland … Continue reading →

Posted in Tax Evasion | Tagged | Leave a comment

Have a Form 1099-DA? Your Return Will Likely Cost More to Prepare this Year

Posted on February 17, 2026 by Russ

Mid-February is when brokerage firms issue Forms 1099-B to their customers noting brokerage sales.  New for the 2025 tax year is Form 1099-DA, “Digital Asset Proceeds from Broker Transactions” (aka cryptocurrency disposals).  Many of our clients have begun to receive … Continue reading →

Posted in Cryptocurrencies | Tagged | Leave a comment

Online Gambling and Cryptocurrency Mailing Addresses for 2026

Posted on February 13, 2026 by Russ

If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2024, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading →

Posted in Cryptocurrencies, Gambling | Leave a comment

Why This Tax Season Is Likely to be Slow and Agonizing for All

Posted on January 29, 2026 by Russ

Matt Metras, a fellow tax professional, shared a chart on X (formerly Twitter) noting IRS personnel cuts by function between January 25, 2025 and December 18, 2025: I’ll take just three areas that I regularly deal with: Taxpayer Advocate Service … Continue reading →

Posted in IRS | Tagged | Comments Off on Why This Tax Season Is Likely to be Slow and Agonizing for All

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 →

Posted in IRS | Tagged | Comments Off on Paying the Piper: Qualified Opportunity Zones

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 →

Posted in IRS | Tagged , | Comments Off on Hurry Up and Wait 11 Years

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 →

Posted in Gambling | Tagged | Comments Off on Can a Gambling Session Last a Year?

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 →

Posted in IRS, Tax Preparation | Tagged | Comments Off on When Will 2026 Tax Season Open? It’s Official: Monday, January 26th

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 →

Posted in IRS | Tagged | Comments Off on It’s Time to Issue 2025 Form 1099s

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 →

Posted in IRS | Tagged | Comments Off on It’s Time to Start Your 2026 Mileage Log