Category Archives: IRS

Your Children **Will** Have Trump Accounts

Posted on October 1, 2026 by Russ

We’ve asked all of our clients who have children if they want to enroll them in “Trump” Accounts.  These are the new savings accounts for children, with children born between 2025 and 2028 receiving a $1,000 starter contribution (if requested … Continue reading →

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IRS Draft Form 1040 Asks Citizenship Question

Posted on September 18, 2026 by Russ

The IRS periodically releases draft tax forms, and yesterday a new draft of Form 1040 was released.  In “Other Information” the IRS asks the following question: At the time you file your return, are you, and your spouse if filing … Continue reading →

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Appeals Court Axes Foreign Tax Credit for Net Investment Income Tax (NIIT)

Posted on September 1, 2026 by Russ

Yesterday, the Court of Appeals for the Federal Circuit reversed the Court of Federal Claims; the Court of Federal Claims had held that the Net Investment Income Tax (NIIT) could be offset by a foreign tax credit.  The court ruled … Continue reading →

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The Two-Page Schedule A

Posted on July 16, 2026 by Russ

Yesterday, I picked up a copy of the very first income tax form: the 1913 Form 1040.  It’s four pages (including instructions).  We’re going to display it in our office. Back in 2018 (during the first Trump Administration), the IRS … Continue reading →

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2025 Wage & Income Transcripts Finally (Mostly) Available

Posted on June 30, 2026 by Russ

One of the tools tax professionals (and savvy taxpayers) use are IRS Wage & Income Transcripts.  These show the items that the IRS has on file: things like W-2s, W-2Gs, K-1s, and 1099s.  Normally, these are available around Memorial Day … Continue reading →

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The 43rd Try Was a One-Third Success

Posted on May 20, 2026 by Russ

Yesterday, I noted that I had made 41 tries to reach the IRS’s Practitioner Priority Service and received a “courtesy disconnect” each time.  Try 42 met the same fate, but to my surprise the 43rd try got me into the … Continue reading →

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Don’t Call Us

Posted on May 19, 2026 by Russ

I need to speak to the IRS’s Practitioner Priority Service regarding (as of today) ten client matters.  I have been calling since May 4th–and calling the moment the phone lines open (7am local time).  It’s illegal for me to record … Continue reading →

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Hurry Up and Wait

Posted on April 20, 2026 by Russ

Every year clients ask us this question: I paid my tax via IRS Direct Pay (or you had my account debited).  Why hasn’t my payment come out yet? The answer to this question is simple, and there’s nothing your tax … Continue reading →

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Bozo Tax Tip #1: If It Sounds too Good to be True…

Posted on April 10, 2026 by Russ

…it probably is.  That’s how the cliche goes, and it’s generally accurate.  If someone tells you: If you invest $10,000 in [whatever], you magically get a $50,000 deduction; If you buy $20,000 of Brazilian accounts receivable, you can get a … Continue reading →

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Bozo Tax Tip #4: Procrastinate!

Posted on April 8, 2026 by Russ

Today is April 8th. The tax deadline is just seven days away. What happens if you wake up and it’s April 15, 2026, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

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