Category Archives: IRS

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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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 Shutdown

Posted on October 1, 2025 by Russ

Once again there’s a government shutdown. What does it mean for taxes? First, deadlines and responsibilities don’t change just because there’s a government shutdown. You still owe tax, and if you’re on extension your taxes are still due (generally) on … Continue reading →

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IRS Closes Cincinnati Lockboxes; New Addresses In Effect Immediately

Posted on August 24, 2025 by Russ

Last week, the IRS released Publication 3891.  This publication lists out where to mail paper-filed returns and payments for the 2026 tax year.  Currently, Nevadans mail many IRS payments to addresses in Cincinnati, but not anymore.  Spidell reports that the … Continue reading →

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A February 17th Start to Tax Filing Next Year?

Posted on August 3, 2025 by Russ

Yes, we’re looking at a late start to Tax Season next year.  New IRS Commissioner Billy Long said at the recent National Association of Enrolled Agents (NAEA) annual meeting (per a friend’s email–I did not attend) that the IRS expects … Continue reading →

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Bozo Tax Tip #1: Not Remitting Payroll Taxes

Posted on April 11, 2025 by Russ

A couple of years ago, I received a visit from a member of the IRS’s Criminal Investigation unit.  It turns out a client, call him Larry, had worked for a company that decided to not remit payroll taxes.  The loss … Continue reading →

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Bozo Tax Tip #2: The Eternal Hobby Loss

Posted on April 10, 2025 by Russ

The goal of must businesses is to make money. There aren’t many businesses that can lose on each sale and make it up in volume. In fact, I don’t know of any. But I digress…. So let’s take Sam and … Continue reading →

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