Overview
- IRS launches a Get Ready push urging early preparation for 2026 filings, noting the official start date has not been announced.
- Refunds now require direct deposit after the phaseout of paper checks under a federal payments modernization order.
- New provisions for 2025 returns include untaxed tips up to $25,000 with income phaseouts, a vehicle‑loan interest deduction up to $10,000 with income limits, and an extra $6,000 deduction per eligible filer aged 65 or older.
- Media descriptions of the overtime relief differ, with reports citing either an hours‑based exemption or a capped deduction, so taxpayers should watch for final IRS forms and instructions.
- Compliance reminders include taxable gig and marketplace income even without a 1099‑K, required digital‑asset disclosures on Form 1040, a Child Tax Credit set to $2,200 for 2025 with an SSN rule, and a pilot for children’s “Trump Accounts” that includes a $1,000 contribution for eligible births between 2025 and 2028.