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IRS Newswire January 06, 2026
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Issue Number: IR-2026-01
Inside This Issue
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*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 [ [link removed] ] 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 [ [link removed] ]. 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 [ [link removed] ] the IRS is phasing out paper tax refund checks. The IRS encourages taxpayers who do not have a bank account to open one [ [link removed] ] so they can receive refunds by direct deposit [ [link removed] ].
*Review new 2025 tax law changes*
Recent legislation, such as the provisions in the One, Big, Beautiful Bill [ [link removed] ], includes several new deductions and credits [ [link removed] ] 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 [ [link removed] ], 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 [ [link removed] ] 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 [ [link removed] ], 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 [ [link removed] ] 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 [ [link removed] ] 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.
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