H R X P R E S S

10/23/2026

Issue Number: IR-2026-128

Inside This Issue

IRS reminder: Year-round tax planning can make filing easier

IR-2026-128, Oct. 23, 2026

WASHINGTON — The Internal Revenue Service today encouraged taxpayers to take simple steps now to make filing easier and avoid tax-time surprises next year.

Year-round tax planning can help taxpayers stay organized, understand how changes in their lives or income may affect their taxes, and prepare for filing season. Publication 5349-A, Year-Round Tax Planning is for Everyone, offers practical tips and IRS resources to help taxpayers throughout the year.

“Taxpayers should plan ahead to ensure their tax filing season goes as smoothly as possible,” said IRS Chief Executive Officer Frank J. Bisignano. “A few simple steps now, such as checking withholding, organizing records, using IRS online tools, and protecting personal information, will help taxpayers prepare for the 2027 filing season and know they are ready to fulfill their tax obligations.”

Check withholding and estimated tax payments

Federal income taxes are generally paid throughout the year as income is earned. Taxpayers can use the Tax Withholding Estimator on IRS.gov to check whether they are having the right amount of federal income withheld from their pay.

Taxpayers should consider reviewing withholding after a major life or income change, including marriage, divorce, the birth or adoption of a child, or a job change. Taxpayers who need to adjust withholding should submit a new Form W-4, Employee’s Withholding Certificate to their employer.

Taxpayers with income not subject to withholding, including small business owners, self-employed taxpayers, and gig economy workers, may need to make quarterly estimated tax payments.

Life events may also affect filing status, eligibility for tax credits and deductions, and the amount of tax owed or refunded. Reviewing these changes before filing season can help taxpayers understand how they may affect their federal income tax return.

Take advantage of IRS online tools

Taxpayers can securely access their tax information and complete many routine tasks through IRS Individual Online Account. Depending on their account, taxpayers can use IRS Individual Online Account to:

View balance information
Make and view payments
Review payment plans
View certain IRS notices and letters
Access certain tax records
Request an Identity Protection PIN
Taxpayers can visit IRS.gov/Tools for resources to check refund status, find tax records and transcripts, explore free tax preparation options, and get information about tax credits, deductions, and filing status.

Get organized now for a smoother filing season

Good recordkeeping is one of the easiest ways to get ready for filing season. Taxpayers should develop a simple system, electronic or paper, to keep important tax records together as they receive them.

Records may include:

Forms W-2 from employers.
Forms 1099 from banks and other payers.
Records of digital asset transactions.
A copy of last year’s federal and state returns.
Bank account and routing numbers for direct deposit or payments.
IRS notices, letters, and other correspondence.
Records that support credits, deductions, or other tax benefits claimed.
Organized records can make return preparation easier and may help taxpayers identify overlooked credits or deductions.

Stay alert to scams

The IRS and its Security Summit partners remind taxpayers to protect their personal and financial information. Scammers may use email, text messages, phone calls, or social media to try to steal information or money.

Taxpayers should not click on links or open attachments in unexpected messages claiming to be from the IRS. Suspicious emails and texts can be reported to [email protected]. Taxpayers can also use IRS.gov/SubmitATip to report certain tax-related misconduct.

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10/23/2026

IRS sending letters to more than 36 million families who may qualify for monthly Child Tax Credits; payments start July 15

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02/10/2026

WHAT NEXT?…………………..

02/09/2026

02/09/2026

IR-2026-20, Feb. 3, 2026

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations for domestic producers of clean transportation fuel to determine their eligibility for and calculate the clean fuel production credit under the One, Big, Beautiful Bill. The new law made important changes to what is often referred to as the 45Z credit.

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01/20/2026

WASHINGTON — The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.

Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. The IRS expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically.

IRS.gov has online tools and resources taxpayers can use before, during and after filing their federal tax return. One, Big, Beautiful Provisions provides information that could help lower tax bills and potentially increase refund amounts.

“President Trump is committed to the taxpayers of this country and improving upon the successful tax filing season in 2025,” said Acting IRS Commissioner Scott Bessent. “Prior to the passage of the One, Big, Beautiful Bill, which delivered working families tax cuts, Treasury and IRS were diligently preparing to update forms and processes for the benefit of hardworking Americans, and I am confident in our ability to deliver results and drive growth for businesses and consumers alike.”

“The Internal Revenue Service is ready to help taxpayers meet their tax filing and payment obligations during the 2026 filing season,” said IRS Chief Executive Officer Frank Bisignano. “As always, the IRS workforce remains vigilant and dedicated to their mission to serve the American taxpaying public. At the same time, IRS information systems have been updated to incorporate the new tax laws and are ready to efficiently and effectively process taxpayer returns during the filing season.”

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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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01/16/2026

Treasury, IRS issue guidance on the additional first year depreciation deduction amended as part of the One, Big, Beautiful Bill
IR-2026-06, Jan. 14, 2026

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-11 PDF that provides taxpayers with guidance on the permanent 100% additional first year depreciation deduction for eligible depreciable property acquired after Jan. 19, 2025, provided by the One, Big, Beautiful Bill. The notice also provides guidance on certain qualified sound recording productions that the OBBB added as property that may be eligible for the additional first year depreciation deduction.

Generally, when taxpayers acquire property for business use, they must depreciate it over several years based on various depreciation schedules.

The notice also provides interim guidance to taxpayers that they may generally rely on the existing additional first year depreciation deduction regulations. The notice provides rules for determining whether depreciable property is eligible for the additional first year depreciation deduction and for determining the amount of such deduction allowable under the OBBB. In general, the OBBB provides a permanent 100‑percent additional first year depreciation deduction for qualified property acquired, or specified plants that are planted or grafted, after Jan. 19, 2025.

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01/14/2026

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