B & A Financial Services

04/17/2026

IRS launches new online tool to help taxpayers resolve tax debt

IR-2026-53, April 16, 2026

WASHINGTON — The Internal Revenue Service today announced a new online tool to help taxpayers understand and resolve tax debt.

The Tax Debt Help tool on https://www.irs.gov/payments/get-help-with-tax-debt provides individuals and businesses with a simple, accessible way to explore payment options and identify next steps based on their situation. The tool is part of the IRS's broader effort to expand digital services and make it easier for taxpayers to meet their obligations.

The Tax Debt Help tool walks users through a series of straightforward questions about their financial situation and tax debt. Based on taxpayer responses, the tool will guide them to potential payment and resolution options available through the IRS.

These options may include payment plans, temporary delay of collections, or an offer in compromise for those who qualify. By presenting options in a clear, structured format, the tool helps taxpayers make informed decisions about how to resolve their tax debt.

Designed for simplicity and privacy The tool is designed to be easy to use and accessible to a wide range of taxpayers. It does not require specialized knowledge and can be used at any time.

To protect taxpayer privacy, the tool does not require taxpayers to enter personally identifiable information. Taxpayers can explore available options without providing details such as Social Security numbers, names, or addresses. By expanding self-service options, the IRS is helping taxpayers resolve issues faster while reducing the need for phone calls or in-person visits.

If you owe a tax debt that you can't pay in full, we can help. You have options to resolve it.

04/17/2026

Taxpayers may qualify for penalty relief if they have filed and paid timely for the past three years and meet other important requirements. For more information, see the Administrative penalty relief page on https://www.irs.gov/payments/administrative-penalty-relief .

Find out about the IRS First Time Penalty Abatement policy and if you qualify for administrative relief from a penalty.

04/17/2026

Actions taxpayers should take if they missed April filing and payment deadline

Taxpayers who missed the April 15 filing deadline should submit their federal tax return as soon as possible. Those who missed the deadline to file and owe taxes should file as soon as possible to avoid penalties and interest. Requesting an extension allows for additional time to FILE but not to PAY taxes owed. Interest and penalties will continue to accrue on the owed taxes until the balance is paid in full.

File and pay now to limit penalties and interest charges

If a taxpayer can't afford to pay the full amount of taxes owed, they should still file a tax return and pay as much as possible. The IRS offers options for taxpayers who need help paying their tax bill. For more information, visit the IRS page on https://www.irs.gov/newsroom/taxpayers-who-need-help-paying-their-tax-bill-have-options .

Tax Tip 2026-31 April 14, 2026 — The filing and payment deadline for most 2025 federal tax returns is April 15, 2026.

04/11/2026

Having trouble paying? The IRS has options

Taxpayers who owe taxes have several payment options.

Those unable to pay in full by April 15 may qualify for online payment plans, including short- and long-term installment agreements. The IRS urges taxpayers to file their tax return and pay what they can, even if they cannot pay the full amount owed.

Interest and late-payment penalties will continue to accrue on unpaid balances after April 15. However, the failure to pay penalty is reduced by half while an installment agreement is in effect. More information is available on https://www.irs.gov/forms-pubs/about-form-9465 under About Form 9465, Installment Agreement Request.

Information about Form 9465, Installment Agreement Request, including recent updates, related forms and instructions on how to file. Form 9465 is used by taxpayers to request a monthly installment plan if they cannot pay the full amount of tax they owe.

04/03/2026

IRS: Act now to file, pay, or request an extension

WASHINGTON — With the April 15 tax deadline fast approaching, the Internal Revenue Service reminds taxpayers that there is still time to file their federal income tax return electronically and request direct deposit for any refund due. Taxpayers can avoid interest and some penalties by filing their tax return, and if they owe, paying the full amount due by the deadline.

Unable to file by the April 15 deadline

Individuals who cannot file their tax return by April 15 can request an automatic extension of time to file. An extension to file is not an extension to pay; taxpayers must estimate and pay any taxes owed by the deadline to avoid penalties and interest. Taxpayers can request an extension by:

- Making an electronic payment using Direct Pay, a debit card, a credit card, or a digital wallet, and indicating the payment is for an extension.

- Filing a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, electronically.

- Mailing Form 4868 if filing an extension on paper. The form must be completed and postmarked by the tax deadline and mailed to the address listed in the instructions.

04/02/2026

Time is running out to claim $1.2 billion in refunds for tax year 2022; taxpayers face April 15, 2026 deadline

IR-2026-37

WASHINGTON ― The Internal Revenue Service announced that over 1.3 million people across the nation have unclaimed refunds for tax year 2022 and face an April 15, 2026 deadline to submit their tax returns.

The IRS estimates that approximately $1.2 billion in refunds remains unclaimed for taxpayers who have not filed their Form 1040 Federal income tax return for the 2022 tax year. The IRS estimates the median refund amount is $686 for 2022, which means that half of the refunds are more than $686. This estimate does not include credits that may be applicable.

Under the law, taxpayers usually have three years from when the tax return was due to file and claim their tax refunds. If they do not file within three years, the money becomes the property of the U.S. Treasury.

04/02/2026

Issue Number: Tax Tip 2026-25
What taxpayers can do if they haven't received all their tax documents

Before filing a federal tax return, taxpayers should make sure they have the necessary and correct documents.

Here's what taxpayers should do if they haven't received their Form W-2 or Form 1099 yet.

Taxpayer options for missing documents

- Contact the employer, payer or issuing agency and request the missing or corrected documents.
- Taxpayers who have an IRS Individual Online Account can view and download their available wage and income transcripts for 2025. In some cases, a transcript may not populate and a message of "No record of return filed" may show. This is because the IRS has not received the data from the employer. Other tax documents can be downloaded and include:
Form W-2, Wage and Tax Statement
Form 1095-A, Health Insurance Marketplace Statement
Form 1099-NEC, Nonemployee Compensation
Form 1099-DIV, Dividends and Distributions
Form 1099-INT, Interest Income
Form 1099-MISC, Miscellaneous Information
- If needed, taxpayers can estimate the wages or payments made to them, as well as any taxes withheld. To avoid filing an incomplete return, they should use Form 4852, Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc.
- If they receive the missing or corrected Form W-2 or Form 1099-R after filing their tax return and the information differs from their previous estimate, they must file Form 1040-X, Amended U.S. Individual Income Tax Return.

04/02/2026

IRS Newswire

March 31, 2026

Issue Number: IR-2026-42
Inside This Issue
4 million children have been signed up for Trump Accounts with 1 million claiming the $1,000 pilot program contribution

IR-2026-42, March 31, 2026

WASHINGTON – The Internal Revenue Service today announced that taxpayers have signed up more than 4 million children for tax-favored Trump Accounts, of which more than 1 million children are covered by elections for the $1,000 Trump Accounts pilot program contribution. Eligibility for the $1,000 pilot program contribution depends on when the child was born.

"The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return," said IRS Chief Executive Officer Frank J. Bisignano. "Families with eligible children born between 2025 and 2028 just need to check the box on a form to stake their claim for the $1,000 contribution. It's that simple."

The IRS data on Trump Accounts and the pilot program elections are based solely on how many Form 4547, Trump Account Election(s) have been submitted with individual tax returns to the IRS to date.

The Trump Accounts and the Trump Account contribution pilot program were established under the One, Big, Beautiful Bill, enacted on July 4, 2025. The eligibility requirements for the Trump Accounts and the pilot program are as follows:

- The tax-advantaged Trump Accounts allow parents, guardians and other authorized individuals to request establishment of a new type of individual retirement account for an eligible minor, who has not turned age 18 before the end of the calendar year in which the election is made and has a valid Social Security number.

- The Trump Accounts pilot program offers a $1,000 federal seed contribution for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.

Parents or other individuals who qualify to make the election can use IRS Form 4547, Trump Account Election(s) to request establishment of a Trump Account and to enroll in the pilot program with their tax year 2025 return.

Contributions to Trump Accounts can be made starting July 4, 2026. All eligible children may receive deposits from parents, relatives, friends, employers, state governments, philanthropic organizations and individuals, subject to an annual limit.

Visit trumpaccounts.gov for more information on Trump Accounts. For more information on the provisions of the new legislation, see One, Big, Beautiful Bill Provisions on IRS.gov.

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

04/02/2026

IRS Tax Tips

April 1, 2026

Issue Number: Tax Tip 2026-27
Be informed, not fooled by ghost preparers and scams

The tax filing season is coming to an end in a couple of weeks, but that doesn't mean scammers and schemers take a break. Here's a couple more things from the recently released Dirty Dozen, that taxpayers should be mindful of.

Ghost preparers
Taxpayers should choose their tax professional wisely. Paid preparers must sign and include a valid Preparer Tax Identification Number on every tax return. A "ghost" preparer prepares a return but refuses to sign it and/or refuses to include a PTIN. These unlicensed or unethical tax return preparers should be avoided. When a preparer refuses to sign or provide a PTIN, that is a major red flag; the taxpayer is legally responsible for what is filed. Taxpayers should never sign a blank or incomplete return.

Ghost preparers also often exploit credits by promising large refunds. These preparers may:

- Exaggerate eligibility for deductions
- Claim credits that taxpayers do not qualify for
- Disappear after filing, leaving the taxpayer responsible for penalties, interest, or audits

People can make a complaint about a tax return preparer if a paid preparer filed a fraudulent return without consent or if they followed improper tax preparation practices.

Taxpayers are reminded to rely on trusted sources and qualified tax professionals, not bad tax advice on social media. People can confidentially report suspected tax fraud, scams, identity theft, or other tax-related wrongdoing at https://www.irs.gov/help/report-fraud .

If you were scammed, suspect tax fraud or had your identity stolen, report it to us.

03/12/2026

Updated Tax Withholding Estimator lets millions of taxpayers take One Big Beautiful Bill changes into account when calculating their withholding

IR-2026-35, March 12, 2026

WASHINGTON — The Internal Revenue Service recently unveiled enhancements to the IRS Tax Withholding Estimator to reflect changes to credits and deductions under the One Big Beautiful Bill, including no tax on tips, no tax on overtime, and other tax benefits.

The IRS Tax Withholding Estimator is a free, easy-to-use tool that helps workers and retirees estimate the amount of federal income tax to withhold from their paychecks now for the taxes they will owe next year.

Updated to reflect current law

In addition to no tax on tips and no tax on overtime, the calculator takes into account other OBBB-related provisions, such as no tax on car loan interest and the deduction for seniors. It also more accurately accounts OBBB modifications tied to family-related credits, homeownership, and charitable giving.

Avoiding surprises at tax time

Withholding that closely matches a taxpayer's anticipated tax liability can help prevent unexpected tax bills and potential underpayment penalties. It can also help taxpayers avoid over-withholding and increase take-home pay throughout the year. To get the most accurate results, taxpayers should gather recent pay statements and a copy of their latest federal income tax return before using the estimator.