Accurate Business Services

03/19/2026

01/23/2026

Treasury, IRS issue FAQs to address the new deduction for qualified overtime compensation under the One, Big, Beautiful Bill
IR-2026-10, Jan. 23, 2026
WASHINGTON – The Department of the Treasury and the Internal Revenue Service today issued frequently asked questions in Fact Sheet 2026-01 related to the new deduction for qualified overtime compensation under the One, Big, Beautiful Bill.
For tax years 2025 through 2028, individuals who receive qualified overtime compensation may deduct the amount that exceeds their regular rate of pay (generally, the “half” portion of “time-and-a-half” compensation) and is reported on a Form W-2 or Form 1099.
These FAQs contain additional information about the deduction, provide resources for employees (including federal employees) to assist them in determining whether they received qualified overtime compensation under the Fair Labor Standards Act, and contain useful information regarding the differences in reporting requirements for tax year 2025 and 2026-2028.
Treasury and IRS previously issued Notice 2025-62 providing penalty relief to employers and other payers for tax year 2025 regarding new information reporting requirements for qualified overtime compensation; and issued Notice 2025-69 for workers eligible to claim the deduction for overtime compensation for tax year 2025.

Send a message to learn more

01/07/2026

The Taxpayer Bill of Rights: Providing fundamental protection for all taxpayers

By law, all taxpayers have fundamental rights when they're interacting with the IRS. It's important that all taxpayers know and understand their rights. The Taxpayer Bill of Rights presents these rights in 10 categories.

Here's an overview of these rights. For full official details about each right, click the links below.

The right to be informed
Taxpayers have the right to know what they need to do to comply with the tax laws.

The right to quality service
Taxpayers have the right to receive prompt, courteous and professional assistance when working with the IRS and the freedom to speak to a supervisor about inadequate service.

The right to pay no more than the correct amount of tax
Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly.

The right to challenge the IRS's position and be heard
Taxpayers have the right to object to formal IRS actions or proposed actions and provide justification with additional documentation.

The right to appeal an IRS decision in an independent forum
Taxpayers are entitled to a fair and impartial administrative appeal of most IRS decisions, including certain penalties.

The right to finality
Taxpayers have the right to know the maximum amount of time they have to challenge an IRS position and the maximum amount of time the IRS must audit a particular tax year or collect a tax debt.

The right to privacy
Taxpayers have the right to expect that any IRS inquiry, examination or enforcement action will comply with the law and be no more intrusive than necessary.

The right to confidentiality
Taxpayers have the right to expect that their tax information will remain confidential.

The right to retain representation
Taxpayers have the right to retain an authorized representative of their choice to represent them in their interactions with the IRS.

The right to a fair and just tax system
Taxpayers have the right to expect fairness from the tax system. This includes considering all facts and circumstances that might affect their liabilities, ability to pay or provide information timely.

More information

Publication 1, Your Rights as a Taxpayer
Taxpayer Advocate Service

01/06/2026

Prepare to file in 2026: Get Ready for tax season with key updates, essential tips

IR-2026-01, Jan 6, 2026

WASHINGTON — With the 2026 filing season quickly approaching, the Internal Revenue Service is urging taxpayers to take a few simple steps now to prepare for filing their 2025 federal income tax returns. Visit Get Ready on IRS.gov for checklists, updates and no-cost filing options.

One of the most important steps taxpayers can take is to access their IRS Individual Online Account. IRS Individual Online Accounts are available 24/7, to view account information, make payments, manage communication preferences and protect tax information.

Use direct deposit

Due to the presidential executive order, Modernizing Payments To and From America’s Bank Account the IRS is phasing out paper tax refund checks. The IRS encourages taxpayers who do not have a bank account to open one so they can receive refunds by direct deposit.

Review new 2025 tax law changes

Recent legislation, such as the provisions in the One, Big, Beautiful Bill, includes several new deductions and credits that may reduce tax bills or increase refunds. Beginning in 2025, to be eligible to claim certain credits for other dependents, the taxpayer and their spouse, if filing jointly, must have valid Social Security numbers or Individual Taxpayer Identification Numbers issued on or before the due date of their returns (including extensions).

New Trump Accounts for eligible children

Parents, guardians and other authorized individuals will be able to open Trump Accounts, a new retirement savings vehicle for children under the age of 18 with a valid SSN. A pilot program contribution of $1,000 will be available for children who are U.S. citizens and born from Jan. 1, 2025, to Dec. 31, 2028. Visit trumpaccounts.gov for details.

Income from payment apps and online sales

All income from part-time work, gig activities or sales of goods and services is taxable. Form 1099-K, Payment Card and Third Party Network Transactions, will be issued by payment card companies for any amount and by payment apps and online marketplaces when payments exceed $20,000 and more than 200 transactions occur for the year.

Digital assets reporting requirements

Taxpayers who bought, sold or received digital assets, including cryptocurrency, stablecoins or NFT, must report those transactions. Some taxpayers may receive Form 1099-DA from brokers. Regardless, all taxpayers must answer the digital asset question on Form 1040 and report any related income, gains, or losses. Visit Digital Assets for more information.

Get ready now

Take a few steps today, reviewing tax law changes, gathering documents and using online tools, to help ensure a smoother less stressful experience when filing taxes in 2026.

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

12/09/2025

What taxpayers can do to Get Ready for the 2026 tax filing season

The new year is less than a month away which means the 2026 tax filing season is drawing near. The IRS encourages taxpayers to “Get Ready” and start preparing now. Taking a few steps today can save time and help taxpayers ensure they’re filing accurate returns in the coming months.

The annual IRS Get Ready campaign is a series of tips, reminders and new information for taxpayers on what they need to know in preparation for filing season. For example, the One, Big, Beautiful Bill brings several changes or additions that can significantly affect federal taxes, credits and deductions. Tax deductions for tips, overtime, car loan interest and seniors are just a few of many recent updates.

Here’s some of the things taxpayers can do now:

Access or login to an existing IRS online account
An IRS online account allows taxpayers to access personal tax information, including recently filed returns, securely. Through this tool, taxpayers can:

View tax records, including adjusted gross income and transcripts
Make, schedule and view payments
Get or view their Identity Protection PIN
Authorize a tax professional to access their tax records digitally
Access available Forms W-2 and certain 1099s
View and edit communication preferences from the IRS and alternative media such as Braille, large print and more
Receive and view over 200 IRS digital notices.
Set up or change payment plans and check their balance
Gather and organize tax records
Having organized tax records helps taxpayers file complete and accurate tax returns and avoid errors that could delay refunds. This may also help the taxpayer identify deductions or credits that may have been overlooked.

Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and digital assets. Taxpayers should watch for and gather essential forms, such as Forms W-2, Wage and Tax Statement and other income documents, which should arrive in January or early February.

09/24/2025

IRS Update on Refund Checks

IRS to phase out paper tax refund checks starting with individual taxpayers

IR-2025-94, Sept. 23, 2025

WASHINGTON — The Internal Revenue Service, working with the U.S. Department of the Treasury, today announced that paper tax refund checks for individual taxpayers will be phased out beginning on Sept. 30, 2025, as required by Executive Order 14247, to the extent permitted by law. This marks the first step of the broader transition to electronic payments.



The IRS will publish detailed guidance for 2025 tax returns before the 2026 filing season begins. Until further notice, taxpayers should continue using existing forms and procedures, including those filing their 2024 returns on extension of a due date prior to Dec. 31, 2025.



The change is designed to

· Protect taxpayers: Paper checks are over 16 times more likely to be lost, stolen, altered, or delayed than electronic payments. Direct deposit also avoids the possibility that a refund check could be returned to the IRS as undeliverable.

· Speed up refunds: Electronic refunds give taxpayers faster access to refunds, with payments issued in less than 21 days if filing electronically, choosing direct deposit and there are no issues with the return, whereas nonelectronic payments may take 6 weeks or longer for refunds sent by mail.

· Cut costs: Electronic payments are more efficient and cost less than paper.



What this means for individual taxpayers

· Filing stays the same: Taxpayers should continue to file their returns as they normally would, using one of the existing filing options.

· Refunds go digital: Most refunds will be delivered by direct deposit or other secure electronic methods.

· Help for those without access to bank accounts: Options such as prepaid debit cards, digital wallets or limited exceptions will be available.

· Act now: Taxpayers should make sure they know their banking information or consider opening a free or low-cost account. Visit FDIC: GetBanked and MyCreditUnion.gov for account options.



Most individual taxpayers already receive their refunds by direct deposit into their bank accounts. During the 2025 tax filing season, the IRS issued more than 93.5 million tax refunds to individual income tax filers, and 93% of those, almost 87 million refunds, were issued through direct deposit. Only 7 percent of individual refund recipients received their refunds by check through the mail.



Next steps

Executive Order 14247 also applies to payments made to the IRS. Taxpayers should continue to use existing payment options until further notice. Additional guidance and information for filing 2025 taxes will be issued prior to the 2026 filing season.



The IRS will share updated guidance on IRS.gov and through outreach efforts nationwide.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

09/09/2025

IRS assesses $162 million in penalties over false tax credit claims tied to social media

IR-2025-90, Sept. 8, 2025

WASHINGTON — The Internal Revenue Service is alerting taxpayers about a growing number of fraudulent tax schemes circulating on social media that promote the misuse of credits such as the Fuel Tax Credit and the Sick and Family Leave Credit. These scams have led thousands of taxpayers to file inaccurate or frivolous returns, often resulting in the denial of refunds and steep penalties.

Since 2022, the IRS has seen a surge in questionable refund claims fueled by misleading social media posts and bad actors posing as tax experts. Many of the posts falsely claim that all taxpayers are eligible for credits they do not actually qualify for, such as those meant for self-employed individuals or businesses. The IRS routinely publishes and updates a list of frivolous positions on IRS.gov that could lead to the imposition of penalties.

“These schemes are not only misleading but can cost taxpayers dearly,” said James Clifford, IRS Director Return Integrity and Compliance Services. “People who follow this advice could end up with rejected claims and a penalty of up to $5,000 in addition to any other penalties that might apply. So far, the IRS has imposed over 32,000 penalties costing taxpayers more than $162 million. It’s in the taxpayer’s best interest to stay informed.”

How to spot these scams

These scams often have common traits:

Social media posts that claim everyone qualifies for certain tax credits.
Promises of “easy” or “fast” refund with minimal documentation.
Instructions to file amended returns, even if you did not originally qualify for the credits.
Encouragement to ignore IRS letters or respond with false information.
What happens when a taxpayer falls for a scam

Taxpayers who submit false claims may face serious consequences:

Delayed refunds.
Denied refund claims.
A $5,000 civil penalty under Internal Revenue Code Section 6702 for filing a frivolous return.
Subject to further IRS examination and enforcement action.
What taxpayers can do if they are targeted

Taxpayers who believe they have been misled or filed an incorrect return should:

Amend the tax return as soon as possible using Form 1040-X, Amended U.S. Individual Income Tax Return.
Respond promptly to any IRS letters or notices.
Seek help from a reputable tax professional or the IRS’s official resources at IRS.gov.
If you suspect a tax scam, report it to the IRS by emailing [email protected] or file a complaint with the Treasury Inspector General for Tax Administration (TIGTA).

Send a message to learn more

08/12/2025

One Big Beautiful Bill Act: Tax deductions for working Americans and seniors

FS-2025-03, July 14, 2025

Below are descriptions of new provisions from the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025.

“No Tax on Tips”

New deduction: Effective for 2025 through 2028, employees and self-employed individuals may deduct qualified tips received in occupations that are listed by the IRS as customarily and regularly receiving tips on or before December 31, 2024, and that are reported on a Form W-2, Form 1099, or other specified statement furnished to the individual or reported directly by the individual on Form 4137.
“Qualified tips” are voluntary cash or charged tips received from customers or through tip sharing.
Maximum annual deduction is $25,000; for self-employed, deduction may not exceed individual’s net income (without regard to this deduction) from the trade or business in which the tips were earned.
Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.
Self-employed individuals in a Specified Service Trade or Business (SSTB) under section 199A are not eligible. Employees whose employer is in an SSTB also are not eligible.
Taxpayers must:
include their Social Security Number on the return and
file jointly if married, to claim the deduction.
Reporting: Employers and other payors must file information returns with the IRS (or SSA) and furnish statements to taxpayers showing certain cash tips received and the occupation of the tip recipient.
Guidance: By October 2, 2025, the IRS must publish a list of occupations that “customarily and regularly” received tips on or before December 31, 2024.
The IRS will provide transition relief for tax year 2025 for taxpayers claiming the deduction and for employers and payors subject to the new reporting requirements.
“No Tax on Overtime”

New deduction: Effective for 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay – such as the “half” portion of “time-and-a-half” compensation -- that is required by the Fair Labor Standards Act (FLSA) and that is reported on a
Form W-2, Form 1099, or other specified statement furnished to the individual.
Maximum annual deduction is $12,500 ($25,000 for joint filers).
Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.
Taxpayers must:
include their Social Security Number on the return and
file jointly if married, to claim the deduction.
Reporting: Employers and other payors are required to file information returns with the IRS (or SSA) and furnish statements to taxpayers showing the total amount of qualified overtime compensation paid during the year.
Guidance: The IRS will provide transition relief for tax year 2025 for taxpayers claiming the deduction and for employers and other payors subject to the new reporting requirements.
“No Tax on Car Loan Interest”

New deduction: Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets other eligibility criteria. (Lease payments do not qualify.)
Maximum annual deduction is $10,000.
Deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).
Qualified interest: To qualify for the deduction, the interest must be paid on a loan that is:
originated after December 31, 2024,
used to purchase a vehicle, the original use of which starts with the taxpayer (used vehicles do not qualify),
for a personal use vehicle (not for business or commercial use) and
secured by a lien on the vehicle.
If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible for the deduction.

Qualified vehicle: A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States.
Final assembly in the United States: The location of final assembly will be listed on the vehicle information label attached to each vehicle on a dealer's premises. Alternatively, taxpayers may rely on the vehicle’s plant of manufacture as reported in the vehicle identification number (VIN) to determine whether a vehicle has undergone final assembly in the United States.
The VIN Decoder website for the National Highway Traffic Safety Administration (NHTSA) provides plant of manufacture information. Taxpayers can follow the instructions on that website to determine if the vehicle’s plant of manufacture was located in the United States.
Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.
The taxpayer must include the Vehicle Identification Number (VIN) of the qualified vehicle on the tax return for any year in which the deduction is claimed.
Reporting: Lenders or other recipients of qualified interest must file information returns with the IRS and furnish statements to taxpayers showing the total amount of interest received during the taxable year.
Guidance: The IRS will provide transition relief for tax year 2025 for interest recipients subject to the new reporting requirements.
Deduction for Seniors

New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.
The $6,000 senior deduction is per eligible individual (i.e., $12,000 total for a married couple where both spouses qualify).
Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).
Qualifying taxpayers: To qualify for the additional deduction, a taxpayer must attain age 65 on or before the last day of the taxable year.
Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.
Taxpayers must:
include the Social Security Number of the qualifying individual(s) on the return, and
file jointly if married, to claim the deduction.

Send a message to learn more

05/09/2025

RS reminds taxpayers and small businesses to look out for scams

WASHINGTON – The Internal Revenue Service joins in celebrating National Small Business Week by reminding taxpayers and small businesses that, even though the April 15, 2025, tax filing deadline has passed, it is important to stay vigilant against scams and fraud year-round.

Earlier this year, the IRS issued its annual Dirty Dozen list that highlights some persuasive schemes impacting businesses, including new client scams, spear phishing, fake charities, bad social media advice and false credit claims.

There are several protective measures taxpayers and businesses can take, such as watching out for fake requests for W-2s especially with the tax filing deadline already passed. Businesses are encouraged to take proactive steps today to safeguard their business and employees by implementing robust security measures. Some examples are using anti-malware/anti-virus software with automatic updates and enforcing strong passwords with multi-factor authentication. Ensure that you only enter personal data on secure websites (https) to prevent unauthorized access. See Publication 5961, Protect your business from tax scams, for more information.

Business owners should prioritize the protection of their Employer Identification Number (EIN). Keep it secure and up to date with accurate information. Any necessary updates to an EIN should be made promptly by using Form 8822-B. This will ensure its integrity and minimize the risk of identity theft or fraudulent activity.

Disaster season is also upon us, which opens the door for additional fraud and scams to take place after a disaster occurs. Scammers may impersonate IRS workers, claiming they can offer “help” when filing casualty loss claims. Disaster survivors can call the IRS disaster assistance line at 866-562-5227. IRS representatives will answer questions about tax relief or disaster-related tax issues.

Be sure to educate employees on data security to protect both them and your business. There are a number of resources available, such as IRS Identity Theft Central and security awareness publications, to provide comprehensive training and awareness.

05/06/2025

We will be closing at noon today due to potential flooding in our area.

12/10/2024

IRS urges many retirees to make required withdrawals from retirement plans by year-end deadline

WASHINGTON — The Internal Revenue Service today reminded those aged 73 and older of the deadline to take Required Minimum Distributions from Individual Retirement Arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act.

Required Minimum Distributions (RMDs) are amounts that many retirement plan and IRA account owners must withdraw annually. These withdrawals are considered taxable income and may incur penalties if not taken on time. The IRS.gov Retirement Plan and IRA Required Minimum Distributions FAQs webpage provides detailed information regarding the new provisions in the law.

SECURE 2.0 Act: The new law raised the age that account owners must begin taking RMDs, while eliminating RMDs for Designated Roth accounts in 401(k) and 403(b) retirement plans.

The minimum distribution rules generally apply to original account holders and their beneficiaries in these types of plans:

IRAs: IRA withdrawals from traditional IRAs and IRA-based plans occur every year once people reach age 73, even if they’re still employed.
Retirement plans: The RMD rules apply to employer-sponsored plans, with delays allowed until retirement unless the participants own more than 5% of the sponsoring business.
Roth IRAs: Roth IRA owners are not required to take withdrawals during their lifetime, however beneficiaries are subject to the RMD rules after the account owner’s death.
Designated Roth accounts in a 401(k) or 403(b) plan will not be subject to the RMD rules while the account owner is still alive for 2024. The RMD Comparison Chart outlines key RMD rules for IRAs and defined contribution plans.

Penalties for missed distributions

If an account owner fails to withdraw the full amount of the RMD by the due date, the owner is subject to a 25% excise tax on the amount not withdrawn. The 25% excise tax rate is reduced to 10% if the error is corrected within two years.

RMD calculations

IRA trustees or plan administrators must either report the RMD amount to the account owner or offer to calculate it. Each IRA plan’s RMD must be calculated separately, however owners can withdraw the total required amount from one or more accounts of their choice as long as the annual requirement is met. An IRA trustee or plan administrator may calculate the RMD, but the account owner is ultimately responsible for ensuring the correct RMD is taken. The IRS provides required minimum distribution worksheets to help calculate the RMD amounts and payout periods.

Account owners should file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, with their federal tax return for the year the full amount of the RMD was required but not taken.

Inherited IRAs

Beneficiaries of inherited IRAs, retirement plan accounts, or Roth IRAs may be required to take RMDs. For guidance on taking RMDs from an inherited account and reporting taxable distributions as part of gross income, refer to Retirement Topics - Beneficiary and Required Minimum Distributions for IRA Beneficiaries. Help for those in charge of the estate to complete and file federal income tax returns can be found in Publication 559, Survivors, Executors and Administrators. The factors that affect the distribution requirements for inherited retirement plan accounts and IRAs include:

Whether the account owner died after 2019, as the SECURE Act introduced new RMD rules for beneficiaries in these cases.
The beneficiary’s relationship to the account owner and their specific characteristics, such as being a spouse, minor child, disabled or chronically ill individual, entity other than an individual.
Whether the original account owner passed away before or after the date required to begin taking RMDs.
Taxpayers can find easy-to-use tools such as forms, instructions and publications at IRS.gov.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

12/09/2024

On Dec. 3, 2024, a federal court issued a nationwide preliminary injunction in the case Texas Top Cop Shop, Inc., et al. v. Garland, et al., temporarily halting the enforcement of the CTA's BOI reporting requirements. This order stays all deadlines for reporting companies to comply with the CTA, and reporting companies are not currently required to file BOI with the Financial Crimes Enforcement Network (FinCEN). Importantly, no liability will arise for failing to file BOI while the injunction is in effect. Despite this pause, companies may want to consider maintaining readiness by continuing to collect Beneficial Ownership Information to ensure compliance if the injunction is lifted and reporting deadlines are reinstated.

As background, the CTA is a federal law designed to improve financial transparency by requiring certain businesses to report information about their beneficial owners to the FinCEN. Beneficial owners exercise significant control over a company or own a substantial interest in it. The CTA aims to create a centralized database of this information to assist in combating illicit activities such as money laundering, tax fraud, and terrorism financing while reducing the misuse of anonymous business entities.

The Department of Justice has filed an appeal, and while the litigation continues, FinCEN has confirmed it will comply with the court's order as long as it remains in effect. Other courts across the country have upheld the CTA, and the Department of the Treasury maintains that the CTA is constitutional.