The US IRS has issued guidance for the 2026 filing season, advising taxpayers to review 2025 tax changes, use online accounts and direct deposit, report gig and digital asset income, and consider new savings options like Trump Accounts for children.
The US Internal Revenue Service (IRS) has released guidance to help individuals prepare for filing their 2026 tax returns on 6 January 2026.
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, Modernising 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 authorised 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 USD 1,000 contribution from a pilot program will be available to children who are U.S. citizens and born between 1 January 2025 and 31 December 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 USD 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.
