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Taxable Talk

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Taxable Talk: Taxable Talk | From Russ Fox, EA, of Clayton Financial and Tax of Las Vegas, NV. All of the items below are for information only and are not meant as tax advice. Please consult your own tax advisor to see how each item impacts your own situation.

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The IRS updates tax professionals and entities who transmit returns to the IRS on their filing system (it’s called the Modernized e-File (MEF) Status).  On that page today are the dates that the 2026 Tax Season filings will begin:

Filing season start dates

Business tax returns: 9 a.m. Eastern time on Jan. 15, 2025.

Individual tax returns: 9 a.m. E...

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Two clients of ours timely filed their federal and New Jersey extensions on April 15th, paying by electronic debit.  (One filed at 7am and the other at 12 noon, well before the midnight deadline.)  Both clients were waiting on K-1s, so they couldn’t file in April.  They both timely filed their returns (one in June, the other in October) and both asked for refun...

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This morning, a judge here in Nevada dissolved Kalshi’s preliminary injunction against the Nevada Gaming Control Board.  That injunction (now gone) prohibited Nevada from stopping Kalshi’s sports betting–excuse me–sports contracts from being offer...

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Prediction markets are another new phenomenon. Kalshi, PolyMarket, and others offer predictions on things like, “Will the Epstein Files be released by the end of 2025?”  They also offer sports predictions which I believe are clearly sports betting by any other name.

In tax (which I’m qualified to talk about) and law (which I’m not qualified to talk about, except f...

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The Shutdown

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 October 15th.  If you use the excuse, “The government shut down, so I’m not going to file or pay,” your chance of ...

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