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Year-round tax planning can make filing easier

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…
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Updated retirement plan correction program for individual accounts

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued two revenue procedures that update the correction program for employee retirement plans and create one for Individual Retirement Accounts. “Hard…
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Safe harbor for contributions to Trump Accounts under the Working Families Tax Cuts

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2026-25 PDF providing a gift tax reporting safe harbor for certain contributions to Trump accounts created under the Working Families…
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Taxpayers can now view and submit Trump Account elections in their IRS Individual Account

WASHINGTON — The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts. Through IRS…
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Treasury Department to deposit $1,000 into the account of each eligible child

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsproviding guidance regarding the contribution pilot program for Trump Accounts, which are a new type of traditional individual retirement…
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About you Tax Returns: Schedule 1-A, Additional Deductions, what to know about the new form

IRS Schedule 1-A, Additional Deductions PDF was created to calculate and claim four new tax deductions enacted under the One, Big, Beautiful Bill. This schedule consolidates the new tax deductions in one place so taxpayers can determine their…
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IRS updates frequently asked questions about educational assistance programs

These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. Accordingly, these FAQs may not address any particular taxpayer’s specific facts and circumstances, and they may be…
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IRS issue proposed regulations on how to open initial Trump Accounts

WASHINGTON —The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsproviding general requirements for Trump Accounts, certain definitions relating to Trump Accounts, election rules to open an initial…
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Create an IRS Individual Online Account today for security and convenience

WASHINGTON — The Internal Revenue Service encourages all taxpayers to create an IRS Individual Online Account to access their tax account information securely online and to help protect against identity theft and fraud. The IRS Individual…