The Reed Report
Week of August 24–30, 2026
A short rundown of the federal and Indiana tax news our team is watching this week — what changed, what it means, and what deadlines are coming up.
IRS
The IRS Is Retiring Its Information-Return Filing System — Here’s the Timeline
The IRS is shutting down FIRE, the system many businesses use to e-file 1099s and other information returns, and moving everyone to its replacement, IRIS, ahead of the 2027 filing season. FIRE stops accepting test files November 1 and closes for good at 3 p.m. ET on November 19, so any business that files 1099s or similar forms directly — rather than through payroll or accounting software — needs an IRIS Transmitter Control Code well before year-end. If your information returns already go out through us or a payroll provider, this is mostly invisible to you; if you file them yourself, don’t wait until January to discover FIRE is gone.
Source: IRS Newsroom (IR-2026-99)
Deadlines & Rates
Filed an Extension? The IRS Wants You Filing Now, Not in October
The IRS is reminding taxpayers who requested an extension on their 2025 return that Free File remains open through October 15 for anyone with $89,000 or less in adjusted gross income, with Free File Fillable Forms available to everyone else. Filing now instead of waiting for the deadline means faster processing, quicker refunds with direct deposit, and time to arrange a payment plan if you owe rather than discovering a problem days before the cutoff. Remember an extension only bought more time to file, not more time to pay — any remaining balance has been accruing interest since April.
Source: IRS Newsroom (IR-2026-101)
Looking Ahead
Third-Quarter Estimated Taxes Are Due September 15
If you make quarterly estimated payments — self-employment income, rental income, investment gains, or simply light withholding — the third installment for 2026 covers income earned June through August and is due September 15. Underpayment interest currently runs 7% annually, compounded daily, so a light payment costs more the longer it sits unpaid. Individuals generally avoid a penalty by paying in 100% of last year’s total tax, or 110% if last year’s adjusted gross income topped $150,000.
Source: IRS.gov — Estimated Taxes
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