Author: Service2Client

Issue Number:    IR-2026-68

Inside This Issue

Taxpayers can now view and submit Trump Account elections in their IRS Individual Account

IR-2026-68, May 28, 2026

WASHINGTON — The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts.

Through IRS Individual Account, taxpayers can securely access their tax information and complete common tasks online, including:

• View the latest submission status of their Form 4547, Trump Account Election(s), including next steps.
• Submit Form 4547, Trump Account Election(s), electronically.

“These new features reflect our continued focus on transforming the IRS into a digital-first agency that delivers a faster, more seamless experience for taxpayers and provides a new tax-advantaged investment account for children to save for college, retirement, and building generational wealth,” said IRS Chief Executive Officer Frank J. Bisignano. “By expanding the IRS Individual Account to include this new status, we are providing taxpayers with this tool in addition to features for managing their tax accounts, tracking important transactions, and completing key actions quickly and securely.”

Taxpayers benefit from greater transparency through real-time visibility into the Trump Account election process. Electronic submissions also improve accuracy, speed up processing times, and reduce delays associated with paper forms.

Trump Account election

Through the One, Big, Beautiful Bill, enacted on July 4, 2025, Trump Accounts allow parents, guardians, and other authorized individuals to establish a new type of individual retirement account for their children.

An account can be established for a child who has not reached age 18 by the end of the calendar year in which the election is made and who has a valid Social Security number.

A one-time $1,000 pilot program contribution from the Department of the Treasury is available for eligible children born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number. The IRS continues to provide updates and additional information about the tax benefits under the One, Big, Beautiful Bill. For details, see One, Big, Beautiful Bill Provisions on IRS.gov.

For more information about Trump Accounts, visit trumpaccounts.gov.

Back to Top

Issue Number: Tax Tip 2026-44

IRS verified is the way to go when it comes to social media and e-News services

Social media can be a quick and easy way to get tax-related updates, especially with the many updates from the One, Big, Beautiful Bill. But not all online tax advice is accurate. Scammers and misinformation are common on social media. That’s why it’s important for taxpayers to follow official IRS social media accounts and subscribe to e-News updates, for the most reliable information.

IRS social media platforms
Visit IRS.gov to get direct links to IRS verified social media accounts. IRS has accounts on:

• X – Tax-related information for individuals, businesses, and tax professionals. A special IRS X handle, @IRStaxsecurity, shares information to help people avoid common scams
• Facebook – Tax information and event announcements for a general audience
• Instagram − Taxpayer-friendly information on a variety of topics such as tax law changes, reminders and scam info
• YouTube − Short videos on specific tax topics for individual taxpayers, tax professionals and small businesses. Webinars are also available to explain more complex tax topics.
• LinkedIn – Key agency communications including job announcements

The IRS never contacts taxpayers on social media to ask for their personal or financial information. Taxpayers should be aware scammers may pose as the IRS to steal a taxpayer’s identity or defraud them. To stay informed, be sure to follow, like and subscribe.

Additionally, even though filing season has wrapped up, there’s a lot of tax related misinformation on social media. Don’t be tempted by these viral “tax hacks” that often encourage taxpayers to file returns with false information or claim credits they don’t qualify for.

Sign up for automatic email updates
The IRS e-News subscription service sends tax information by email for many different audiences, including:

• IRS Outreach Connection − Up-to-date materials for tax professionals and partner groups inside and outside the tax community. Subscribers can easily share the material with their clients or members through email, social media and the web
• IRS Tax Tips – Tips in plain language on a wide range of general interest tax topics for taxpayers
• IRS Newswire − News releases on tax issues from breaking news to details on legal guidance
• IRS News in Spanish – Noticias del IRS en Español − IRS news releases, tax tips and updates in Spanish
• e-News for Small Businesses – Tax information for small businesses and self-employed individuals
• e-News for Tax Professionals – A roundup of news releases and legal guidance for tax professionals

Subscribe to IRS Tax Tips

Back to top

Issue Number:    IR-2026-67

Inside This Issue

IRS to offer Saturday hours at Taxpayer Assistance Centers May 30

IR-2026-67, May 27, 2026

WASHINGTON — The Internal Revenue Service today announced it will offer Saturday hours at select Taxpayer Assistance Centers on May 30.

TACs will be open from 9 a.m. to 4 p.m. to provide in-person assistance on a range of tax issues.

During this one-day event, TACs in multiple states, the District of Columbia, and Puerto Rico will offer many of their regular services. The IRS encourages taxpayers to visit IRS.gov/SaturdayHours ahead of time to confirm participating locations and available services before heading to an office.

TACs will offer most of their typical services during these hours. However, they will not accept cash payments. The IRS plans to continue offering these Saturday service opportunities through June.

Back to Top

Issue Number: Tax Tip 2026-43

Summer fun has begun: How common activities could impact the next tax return 

Summer hasn’t officially started, but summertime events and happenings certainly have. Most people aren’t thinking about taxes when there’s summer fun to be had, but there’s some common activities that could impact taxpayers in the next filing season. Let’s look at a few.

Summer day camp
If a taxpayer is sending a child to summer day camp, the cost may count toward the Child and Dependent Care Credit.

Marriage
Summer is peak wedding season. Newlyweds can make their tax filing easier by taking two simple steps now:

• First, report any name change to the Social Security Administration.
• Next, notify the United States Postal Service, employers and the IRS of any address change. To officially change their mailing address with the IRS, taxpayers must complete and submit Form 8822, Change of Address. See page 2 of the form for detailed instructions.

Part-time/seasonal work
Summer seasonal and part-time workers may not earn enough to owe federal income tax, but they’re encouraged to file a tax return in the next filing season to get any refund they may be owed. Part-time and seasonal workers can visit IRS.gov to learn more about who should file a tax return.

Some taxpayers earn income over the summer through a side hustle or doing gig work. They can visit the Gig economy tax center at IRS.gov to learn how participating in the gig economy can affect their taxes. If taxpayers are paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions. For more information, go to IRS.gov/1099k.

Travel
Most kids may have the summer off, but parents generally don’t – and business travel happens year-round. Tax deductions are available for certain people who travel away from their home or main place of work for business reasons. Whether a business traveler is away for a few nights or all summer long, it’s important for them to remember the tax rules related to business travel.

Summer vacations are also something that should be considered, depending on how they are paid for. Taxpayers that sell digital assets to pay for a summer trip might get a 1099-DA, so keep good records.

Subscribe to IRS Tax Tips

Back to top

Issue Number:   IR-2026-66

Inside This Issue

IRS CEO Frank J. Bisignano visits Ohio to tout Working Families Tax Cuts provisions on no tax on car loan interest, no tax on overtime, enhanced deduction for senior citizens

IR-2026-66, May 22, 2026

CLEVELAND – Internal Revenue Service Chief Executive Officer Frank J. Bisignano and Senator Bernie Moreno (OH) toured the Cleveland area today to highlight Working Families Tax Cuts Act provisions on no tax on car loan interest, no tax on overtime, and the enhanced deduction for seniors.

“It’s rewarding to visit Ohio and see first-hand how President Trump’s Working Families Tax Cuts are ensuring American families and taxpayers are keeping more of their hard-earned paychecks,” said IRS CEO Frank J. Bisignano. “Families in Ohio and the rest of the country are benefiting from the law, including the provisions that make it easier to afford a vehicle assembled in the United States, and reduce the tax burden on our great senior citizens and on those working overtime.”

“Thanks to the Working Families Tax Cuts, Ohioans received more of their hard-earned dollars back in their pockets,” said Senator Moreno. “I am proud to have spearheaded the auto loan interest tax deduction to allow hardworking Ohioans to afford American-made vehicles.”

At the Ford Engine Plant in Brook Park, OH, Bisignano and Moreno talked with manufacturing leadership, frontline workers, and regional auto dealers on the impact of tax policy on domestic manufacturing, affordability, and economic growth.

Moreno is a leader on the no tax on car loan interest provision. It is a deduction of up to $10,000 for individuals who paid interest on a loan to purchase a qualified vehicle after Dec. 31, 2024. The vehicle must be a new personal use vehicle with final assembly in the United States.

As of mid-May, about 54,000 Ohio filers claimed the deduction on car loan interest, totaling about $88 million. Nationally, over 1.4 million filers benefited from the deduction with about $2.6 billion claimed.

Bisignano and Moreno also visited the Middleburg Heights, OH, Social Security Administration office to highlight the benefits of the enhanced senior deduction in the Working Families Tax Cuts Act, which is $6,000 in addition to the standard deduction for individuals 65 or older. Married couples with two eligible spouses can receive an extra deduction of $12,000. Taxpayers must include their Social Security numbers on the return and file jointly, if they are married, to qualify.

About 1.4 million Ohioans benefitted from the senior deduction, with the total amount of deductions claimed approaching $7.9 billion. Nationally, over 35 million seniors benefitted from the deduction with more than $193 billion claimed.

Under the no tax on overtime provision, for tax years 2025 through 2028, individuals who receive qualified overtime compensation may deduct the amount that exceeds their regular rate of pay (generally, the “half” portion of “time-and-a-half” compensation) and is reported on a Form W-2 or Form 1099. The maximum annual deduction is $12,500 per individual.

More than 1.2 million Ohio filers claimed the overtime deduction, totaling about $3.4 billion. Nationally, about 29.4 million filers claimed the deduction totaling almost $92.7 billion.

Back to Top