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Business owners spent the majority of 2025 dealing with inflation, tariffs, a labor market made flush by mass layoffs, funding accessibility, a federal government shutdown, and a single piece of legislation that had widespread tax implications.

The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2026-02 PDF to help taxpayers, businesses, and other stakeholders understand the changes under Executive Order 14247: Modernizing Payment To and From America’s Bank Account.

National Taxpayer Advocate Erin M. Collins today released her 2025 Annual Report to Congress, finding that taxpayers generally fared well in their dealings with the IRS in 2025 and that most taxpayers are likely to have a smooth experience in 2026. However, the report cautions the upcoming filing season is likely to present greater challenges for taxpayers who encounter problems.

With major tax legislation to digest and the Internal Revenue Service laboring under serious staffing and budget restraints, it might be reasonable to approach tax season with serious concerns — but experts see some reason for cautious optimism.

The IRS Advisory Council’s (IRSAC’s) annual report included a strong defense of the agency and its employees and criticism of budget and staff cuts amidst passage of a massive bill with more than 100 tax law changes.

The Department of the Treasury and the Internal Revenue Service today issued guidance for certain retirement plan administrators, updating safe harbor explanations to reflect tax law changes made after Aug. 6, 2020.

The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-11 PDF that provides taxpayers with guidance on the permanent 100% additional first year depreciation deduction for eligible depreciable property acquired after Jan. 19, 2025, provided by the One, Big, Beautiful Bill. The notice also provides guidance on certain qualified sound recording productions that the OBBB added as property that may be eligible for the additional first year depreciation deduction.

Taxpayers may be able to take advantage of new deductions that could reduce taxable income and increase refunds due to the One, Big, Beautiful Bill, passed by Congress in July 2025. Provisions from the new law can have a significant effect on federal taxes, credits and deductions. The legislation includes four prominent provisions for individuals: the “deduction for seniors,” “no tax on tips,” “no tax on overtime” and “no tax on car loan interest.” Taxpayers claiming these deductions should use Schedule 1-A and see the related instructions.

The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.

After decades of attempts, modernization of the IRS’s information technology systems will be completed by 2028, former Acting IRS Commissioner Michael Faulkender said during Thursday’s AICPA Town Hall webcast.

The Department of the Treasury and the Internal Revenue Service today provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill.

Under a new U.S. Postal Service (USPS) rule effective December 24, 2025, the USPS has clarified that a machine-applied postmark indicates the date the item is first processed by USPS using an automated sorting machine, which may be later than the day it was received by the post office. That means a document received by the post office on time could end up with a postmark dated after the deadline.

The Internal Revenue Service today announced that 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.

The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2025-09 PDF regarding changes to the limitation on the deduction for business interest expense (Section 163(j)) under the One, Big, Beautiful Bill.

The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2025-10 PDF related to changes to the Premium Tax Credit made under the One Big, Beautiful Bill and to related provisions that no longer apply.

IRS Criminal Investigation released its Fiscal Year 2025 Annual Report PDF on Dec. 11, 2025, showcasing banner investigative results fueled by new partnerships and innovative financial investigative techniques. The report details how IRS-CI’s approximately 3,000 employees worked to safeguard the global financial system and identify $10.59 billion in financial crimes during FY25, which took place from Oct. 1, 2024, to Sept. 30, 2025.

The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2026-6 PDF allowing States, including the District of Columbia, to make an Advance Election to participate in a new tax credit for calendar year 2027. This new credit, established under the One, Big, Beautiful Bill, is for contributions to Scholarship Granting Organizations that serve elementary and secondary school students from low- and middle-income families.

The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-05 PDF providing guidance on new tax benefits for Health Savings Account participants under the One, Big, Beautiful Bill. These changes expand HSA eligibility, which allows more people to save and to pay for healthcare costs through tax-free HSAs.

Lawmakers willing to pay down debt more slowly, if households benefit.

The Department of the Treasury and the Internal Revenue Service today issued a notice announcing upcoming regulations and providing guidance regarding Trump Accounts, which are a new type of individual retirement account (IRA) for eligible children.