01/18/2026
Today's IRS news focuses on new guidance for retirement plan administrators, updates related to the "One, Big, Beautiful Bill," and reminders for the upcoming 2026 tax season, with new rules for retirement contributions, deductions for tips/overtime, and the introduction of "Trump Accounts".
The agency is preparing for a filing season that may bring "gigantic" refunds due to these new tax law changes, while also warning about ongoing scams.
Key IRS News & Updates (as of Jan 15, 2026):
Retirement Guidance: New safe harbor explanations (Notice 2026-13) are available for plan administrators regarding eligible rollover distributions, incorporating changes from post-August 2020 tax law.
One, Big, Beautiful Bill (OBBBA) Guidance: The IRS issued guidance (Notice 2026-11) on permanent 100% additional first-year depreciation for eligible property acquired after Jan. 19, 2025.
2026 Filing Season Prep: IRS Free File began accepting returns, offering early filing for eligible taxpayers.
New Deductions: Taxpayers may see larger refunds due to new deductions for tips, overtime, and car loan interest, plus enhanced senior deductions, all under OBBBA.
New Account Type: "Trump Accounts" (Trump-Era Education Savings Accounts) are launching in 2026 for children under 18, with federal deposits and stock index fund investments.
401(k) Limits Up: The 2026 contribution limit for 401(k) plans increased to $24,500.
Scam Alerts: The IRS continues to warn about fake stimulus payment scams and emphasizes official communication channels.
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