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Here you'll find items of current interest — new programs, recent guidance or timely reminders.
IRS Individual Online Account
The IRS 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.
IRS opens 2026 filing season
The IRS began accepting and processing federal individual income tax returns for tax year 2025.
The agency offers free online and in-person tax preparation options for eligible taxpayers through IRS Free File, and Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.
Taxpayers are encouraged to use online tools and take simple steps to prepare for claiming new and expanded tax benefits under the One, Big, Beautiful Bill by visiting IRS.gov/getready for checklists, updates and no-cost filing options.
FAQs about Modernizing Payments To and From America’s Bank Account
The IRS issued frequently asked questions to help taxpayers, businesses, and other stakeholders understand the changes to transitioning federal payments to and from the government to electronic methods under Executive Order 14247: Modernizing Payment To and From America’s Bank Account.
One, Big, Beautiful Bill
- Proposed regulations on the Clean Fuel Production Credit under One, Big, Beautiful Bill
- FAQs address the new deduction for qualified overtime compensation under the One, Big, Beautiful Bill
- Supplemental basic allowance for housing payments to members of the military are not taxable
- Guidance on the additional first year depreciation deduction amended as part of the One, Big, Beautiful Bill
- Guidance on new deduction for car loan interest
- Guidance for taxpayers claiming the tax credit for carbon capture and sequestration
- Guidance on new federal tax credit for individual contributions to Scholarship Granting Organizations
- Guidance on new tax benefits for health savings account
- Improvements to the Adoption Tax Credit under One, Big, Beautiful Bill
- Guidance on Trump Accounts
- Guidance for individuals who received tips or overtime during tax year 2025
- Guidance on new tax benefit on loans for rural communities
- IRS issues FAQs on Form 1099-K threshold under One, Big, Beautiful Bill
- Transition relief for businesses reporting car loan interest
Standard mileage rates for 2026
The optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent, reflecting updated cost data and annual inflation adjustments.
Interest rates for the first quarter of 2026
The interest rates will remain the same for the calendar quarter beginning Jan. 1, 2026. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily.
401(k) limit increase for 2026
The IRS announced that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The agency also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2026.
Tax pros: Renew PTINs for 2026 tax season
The IRS reminds paid tax preparers that preparer tax identification numbers must be renewed annually, and the 2026 renewal period is now open. Also, all enrolled agents, regardless of whether they prepare tax returns, must renew their PTINs annually to maintain their active status. PTINs expire on Dec. 31 of the calendar year for which they are issued.
Inflation adjustments for tax year 2026
The IRS announced the tax year 2026 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2025-32 PDF provides details about these annual adjustments.