Issue Number: Tax Tip 2026-29

Last minute filers still have options but need to act

The April 15 tax filing deadline is roughly a week away – there’s still time to file. Here’s some general reminders and resources for people who haven’t filed yet.

Before filing
Taxpayers should review their return to ensure all income is reported and deductions are claimed correctly, including any deductions reported on Schedule 1-A. They should also keep records that support the amounts on their returns, such as pay statements or other documentation.

Get tax filing help, if needed
For those needing last-minute help to file:

• Filing information for individuals as well as businesses and self-employed people is available on IRS.gov
• IRS Free File remains an option for qualified taxpayers who have an adjusted gross income of $89,000 or less.
  • Anyone can use IRS Free File to submit an extension of time to file regardless of their income
• Volunteer Income Tax Assistance and Tax Counseling for the Elderly are free programs that offer help to low- to moderate-income taxpayers and taxpayers 60 or older to prepare and file their returns. For the closest VITA/TCE site, use the VITA Locator Tool or call 800-906-9887
• AARP Foundation Tax-Aide offers free tax preparation and has thousands of locations in neighborhood libraries, malls, banks, community centers, and senior centers annually during the filing season. For more information, go to AARP.org/TaxAide or call 888-AARP-NOW (888-227-7669)
• Eligible members of the military community can use MilTax, a free tax resource offered through Military OneSource. Eligible taxpayers can use MilTax to complete and electronically file a federal tax return and up to five state returns for free. There are no income limits.

Additional resources available on IRS.gov
IRS.gov is an important resource that can help in several areas:

• For answers to tax law questions, taxpayers can use the Interactive Tax Assistant. Choose a topic, then enter basic information to find an answer.
• Taxpayers who are comfortable preparing their own tax returns can use IRS Free File Fillable Forms, regardless of income.
• Special information is available about tax credits and deductions. Available to individuals and businesses, credits can reduce the amount of tax due while deductions can reduce the amount of taxable income.
• For payment options, visit Payments on IRS.gov.
• Get the most up-to-date information about tax refunds using the Where’s My Refund? tool.

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Issue Number:  2025-07

Inside This Issue

• Millions sign up for Trump Accounts
• How the One, Big, Beautiful Bill helps gig economy workers
• Beware of tax scams related to the One, Big, Beautiful Bill
• IRS Business Tax Account expands user access
• Other tax news

    Millions sign up for Trump Accounts

More than 4 million children have been signed up for the Trump Accounts. The One, Big, Beautiful Bill established the Trump Accounts and the Trump Account contribution pilot program allowing taxpayers to establish an individual retirement account for children under 18 and receive a $1,000 federal seed contribution.

The eligibility requirements for a Trump Account and the pilot program are:

• Trump Account is new type of individual retirement account for an eligible child who meets the age requirement and has valid Social Security number
• Trump Accounts pilot program offers a $1,000 federal seed contribution for children born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number

Qualifying taxpayers must use Form 4547, Trump Account Election(s) to establish a Trump Account and to enroll in the pilot program with their tax year 2025 return.

For more information on Trump Accounts visit trumpaccounts.gov.

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    How the One, Big, Beautiful Bill helps gig economy workers

New provisions in the One, Big, Beautiful Bill lessen tax burden for gig economy workers.
Here are the notable changes that affect gig economy workers.

• No tax on tips deductions: Eligible gig economy workers can deduct up to $25,000 in qualified tips based on filing status from their taxable income from tax year 2025 through 2028\
• Permanent Qualified Business Income deduction: This deduction is now permanent and allows eligible workers to plan long term to maximize benefits. Certain tip income may be excluded when computing QBI.
• Form 1099-K and the increased reporting threshold: Third party payment platforms must issue a Form 1099-K if the payments made during the calendar year is more than $20,000 and more than 200 transactions. Taxpayers must report all income when they file their tax return regardless of whether they receive a Form 1099-K or other information return
• Bonus depreciation: The law allows 100% bonus depreciation on certain assets acquired after Jan. 19, 2025. This allows gig workers who buy certain qualifying property solely for use in their business.

Visit the One, Big, Beautiful Bill Provision on IRS.gov for more information.

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    Beware of tax scams related to the One, Big, Beautiful Bill

Scammers frequently exploit new or complex tax laws by spreading misinformation and making false promises. Businesses and individual taxpayers should watch for OBBB-related scams and take steps to protect their personal and financial information.

Here are some scams to watch for:

• Ghost preparers exploiting new credits
• Tips and overtime deduction scams
• Deduction for senior enrollment scam
• Fake OBBB credit or deduction outreach\
• Refund advance or fast OBBB payout scams
• Social media and influencer tax scams

Common red flags of these scams include:

• Requests for personal or financial information by text, email, or social media
• Promises of guaranteed or unusually large refunds
• Fees to “enroll,” “activate,” or “expedite” tax benefits
• Preparers who refuse to explain calculations or sign returns

For more information on the new tax law, visit One, Big, Beautiful Bill Provisions on IRS.gov.

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    IRS Business Tax Account expands user access

Business Tax Account is now available partnerships, federal, state, and local governments, Tribal governments, and tax-exempt organizations.
More businesses can now access IRS Business Tax Account. This secure online tool allows eligible users to manage their company’s federal tax responsibilities.

• Through BTA, users and designated officials can: View tax balances, make payments, and see payment history
• Download select digital notices
• View eligible transcripts, such as payroll and income
• Request a tax compliance check
• See the business name and address on file with the IRS

For more information or to set up an account visit the Business Tax Account page on IRS.gov.

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    Other tax news

The following information may be of interest to individuals and groups in or related to small businesses:

• IRS announces special Saturday hours at Taxpayer Assistance Centers across the nation to provide face-to-face help
• Tax Time Guide: Steps taxpayers can take now to resolve tax issues and stay on track
• What taxpayers can do if they haven’t received all their tax documents

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Issue Number:  IR-2026-46

Inside This Issue

IRS expands Business Tax Account access to partnerships, government entities, and tax-exempt organizations

IR-2026-46, April 6, 2026

WASHINGTON — The Internal Revenue Service today announced a major expansion of its Business Tax Account, making the online self-service platform available to partnerships, federal, state, and local governments, Indian tribal governments, and tax-exempt organizations.

“By opening the Business Tax Account to partnerships, tax-exempts and other organizations, we’re giving millions more entities secure, convenient access to their tax information,” said IRS Chief Executive Officer Frank J. Bisignano. “Digital access will reduce the burden on these taxpayers because they no longer will be limited to paper and phone interactions to perform simple tasks with the IRS.”

The newly eligible entities join sole proprietors, S corporations, and C corporations that are already able to access the platform. The expansion supports the agency’s ongoing service improvement effort by broadening digital access to more segments of the business community.

The Business Tax Account is a secure, centralized platform that allows eligible users to manage their federal tax responsibilities online. Through BTA, users and designated officials can:

• View tax balances, make payments, and see payment history
• Download select digital notices
• View eligible transcripts, such as payroll and income
• Request a tax compliance check
• See the business name and address on file with the IRS

For more information or to set up a Business Tax Account, visit www.irs.gov/businessaccount.

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Issue Number:  IR-2026-45

Inside This Issue

Treasury, IRS provide guidance to States for nominating census tracts as qualified opportunity zones under the One, Big, Beautiful Bill

IR-2026-45, April 6, 2026

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance to the Chief Executive Officers of any State, the District of Columbia, and U.S. territories regarding the procedure for nominating population census tracts to be designated as qualified opportunity zones (QOZs) under the One, Big, Beautiful Bill.

“Permanently extending and expanding Qualified Opportunity Zones offers states an opportunity to attract long-term investment into underserved, rural, and economically distressed areas,” said IRS Chief Executive Officer Frank J. Bisignano. “The IRS works collaboratively with the Treasury Department and the states to ensure a smooth QOZ designation process, which in turn encourages investment in Qualified Opportunity Funds that spur economic development.”

Revenue Procedure 2026-12, which describes the nomination process, also identifies the eligible population census tracts, including those that are comprised entirely of a rural area, which may be nominated by the CEOs of the States, the District of Columbia, and the U.S. territories (States) to be designated as QOZs beginning in 2027.

New QOZ designations under OBBB

A QOZ is an economically distressed area in which new investments, under certain conditions, may be eligible for preferential tax treatment. The OBBB makes the QOZ tax incentive permanent. The first round of QOZ designations following the enactment of the OBBB will take effect on Jan. 1, 2027, with new rounds following every 10 years. In addition, the OBBB added tax benefits specific to investments made into QOZs that are comprised entirely of a rural area.

To be eligible for QOZ designation for 2027, a census tract must qualify as a low-income community (LIC). Rev. Proc. 2026-12 identifies 25,332 population census tracts that are LICs eligible for nomination as a QOZ. Of those, 8,334 tracts are comprised entirely of a rural area. By law, the number of population census tracts in a State that may be designated as QOZs may not exceed 25% of the number of LICs in the State. If a State contains 25 – 99 LICs, then a total of 25 eligible population census tracts may be designated and if a State contains fewer than 25 LICs, then all eligible population tracts within the State may be designated.

Beginning on July 1, 2026, and lasting a period of 90 days, subject to a single 30-day extension, State CEOs will begin nominating eligible census tracts to be designated as QOZs. Following the nomination process, the Secretary of the Treasury will certify and designate the nominated census tracts as QOZs. The Treasury Department and the IRS expect to issue additional guidance identifying the designated QOZs following the conclusion of the nominations and designation process, prior to Jan. 1, 2027.

Online tools and resources to be made available to State CEOs

To help with the nomination process, online tools and resources will be rolled out to State CEOs in the coming months to ensure efficiency and accuracy of their nominations.

In addition, the Treasury Department and the IRS previously issued Notice 2025-50 providing guidance on QOZ investments in rural areas as provided for under OBBB. For more information, see One, Big, Beautiful Bill provisions on IRS.gov.

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