WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

All the BUZZ in this installment comes from the federal government.

* The IRS has released a draft of the Form 1098-VLI - Vehicle Loan Interest Statement - to be used beginning in 2026 to report the interest paid on a qualified passenger car loan that qualifies for the new BBNSBB deduction

* This just in – “Social Security Announces 2.8 Percent Benefit Increase for 2026”.

And “ . . . the maximum amount of earnings subject to the Social Security tax (taxable maximum) is slated to increase to $184,500 from $176,100.”

* Sad news.  Jory Heckman reports “IRS tells states Direct File ‘will not be available’ in 2026” at the FEDERAL NEWS NETWORK (highlight is mine) - 

“The IRS sent an email on Monday to 25 states it partnered with on Direct File, which has been running for two filing seasons, telling them that ‘Direct File will not be available in Filing Season 2026,’ and that ‘no launch date has been set for the future’.”

This was done despite -

“Former members of the Direct File team, however, claim the project largely succeeded in its goal of making it faster and easier for individuals to file their taxes.”

The corrupt Trump Administration clearly gave in to pressure from Henry and Richard and other commercial tax preparation companies.

* And the IRS has released the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2026. 

THE LAST WORD

Just so you know –

Over the past 50+ years I have voted for Democratic, Republican, and Independent candidates – depending on the election, the issues, and the candidates.

As I posted in the past –

“In 2012 I voted for Mitt.
But I’ll never vote for Trump,
‘cause he’s a worthless piece of shit.”

I have no issues with “traditional” Republicans or true conservatives.  I do, however, strongly oppose and denounce “today’s” Trump-embracing and Religious Right controlled Republican Party – and very seriously believe that it is truly the greatest enemy of and danger to America and American democracy.

TAFN

VOTE!

 

The greatest threat facing America and American democracy is today’s Trump-embracing and Religious Right controlled Republican Party.

It is truly vital for the future of America that you vote against EVERY Republican candidate in EVERY election on EVERY level today!

If Republicans win America loses.

HAPPY HALLOWEEN!

 

TRUE DAT!

 

SOME GOOD ADVICE

 

Here is some good advice.

If you receive a notice from the IRS or a state tax agency relating to a tax return you filed - send it to your tax preparer ASAP.

If you had a balance due on a federal or state income tax return, which you paid with the filing of the return, and you receive a check from the IRS or the state relating to that return – do not cash the check.

The IRS or state agency will send you a notice that should arrive within a few days after receiving the check explaining why the check was sent.  Send this notice to your tax preparer and do not cash the check unless the preparer tells you it is ok.

If you “self-prepared” the return in question - consult a tax professional before paying any balance requested on a notice or depositing any check received.

In my 50+ years of experience as a tax professional more often than not notices from the IRS and state tax agencies are wrong.

TTFN

WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

* Jeff Stimpson brings tax professionals some good news with “PTIN season to kickoff with lower fees” at ACCOUNTING TODAY -

“The IRS Return Preparer Office conducted a biennial review of the PTIN user fee in 2025 and determined that the full cost of issuing or renewing a PTIN should be reduced from $11 to $10, plus $8.75 payable directly to a third-party contractor.”

$1.00 less – big whoop.  I still do not understand the reason for the $8.75 paid to a third-party contractor.

* The IRS has released Rev Proc 2025-32 which “sets forth inflation-adjusted items for 2026 for various {Tax} Code provisions”.   

Click here for an IRS IR-2025-103 “IRS releases tax inflation adjustments for tax year 2026, including amendments from the One, Big, Beautiful Bill”.   

* Kelley R. Taylor reminds taxpayers with a “side hustle” of “Another IRS 1099-K Threshold Change to Know for Your 2025 Taxes” at KIPLINGER.COM.

Thanks to the Big but Not So Beautiful Bill -

“So, for payments you receive for 2025 (sent to you in early 2026), you should only receive a Form 1099-K if:

+ You receive more than $20,000 in gross payments and

+ You conduct more than 200 transactions on a single platform within a year.”

* The IRS has issued a draft form of a new much more complicated Form W-4 for 2026, reflecting the changes made to the BBNSBB, with new worksheets for deductions and multiple jobs.

It looks like a new income source for tax professionals.

* Peter J Reilly tells us “IRS Draft Form Confirms Tip Deduction Marriage Penalty” at FORBES.COM.

IMHO there should be neither a marriage penalty or a marriage benefit in the Tac Code.

 * Financial Planner Sean Mullaney, THE F.I. TAX GUY tells us “it’s that time of year again” and discusses “2025 Year-End Tax Planning”.

THE LAST WORD

A reminder.

The current President of the Unites States, convicted felon and indicted traitor Donald J. “The Man Who Would Be King” Trump, is a totally worthless human being, completely devoid of intelligence, character, integrity, honor, humanity, sympathy, and empathy who does not possess a single redeeming positive human quality or value.  He does not care one ounce about anyone or anything but himself and has never performed a single totally unselfish act in his entire adult life.

America and American democracy will not be safe until Trump is gone.

Hey – just calling a spade a shovel.

TTFN

WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

All the BUZZ this time around comes from the IRS.

* “IRS extends relief to farmers and ranchers affected by drought in 49 states, other regions.”

* And “IRS to phase out paper tax refund checks starting with individual taxpayers” –

“The Internal Revenue Service, working with the U.S. Department of the Treasury, today announced that paper tax refund checks for individual taxpayers will be phased out beginning on Sept. 30, 2025, as required by Executive Order 14247, to the extent permitted by law. This marks the first step of the broader transition to electronic payments.”

I had always recommended to my clients that they receive their refunds via Direct Deposit.

Also coming –

“Executive Order 14247 also applies to payments made to the IRS. Taxpayers should continue to use existing payment options until further notice. Additional guidance and information for filing 2025 taxes will be issued prior to the 2026 filing season.”

* Jeff Stimpson reports “IRS unveils new per diem rates” –

“The Internal Revenue Service, in Notice 2025-54, announces the special per diem rates effective Oct. 1, 2025, which taxpayers may use for expenses for lodging, meals and incidental expenses when traveling away from home.”

You can go here for the per diem rates.

THE LAST WORD

How appropriate that Republican states are called red and Democratic states are called blue.

Red is a symbol of danger used in warning signs. Blue has been called an “honest, reliable, and responsible color” that “makes us feel confident and secure”.

The greatest threat and danger facing America is today’s Trump-embracing and Religious Right controlled Republican Party.

I respect the beliefs of true conservatives and traditional Republicans.  I have absolutely no respect for the MAGA morons of today’s Republican Party.

TTFN