What the IRS, Treasury, FinCEN and states announced lately, in plain English, with a link to the official source. Last updated October 9, 2026.
The IRS urges strong, unique passwords, multifactor authentication, regular software updates and caution with scams. Good habits for anyone who files taxes or keeps client records.
Treasury completed automatic enrollment, opening an account for more than 60 million children under 18. A parent or guardian must claim it in the official app before the $1,000 deposit or any contributions can be added.
Individuals could claim a federal credit of up to $1,700 ($3,400 for couples) for gifts to scholarship granting organizations in states that opt in, with scholarships starting January 1, 2027.
Treasury and the IRS listed 121 guidance projects for the year starting October 1: more rules for the 2025 tax law, cutting red tape, digital assets and more. Expect new regulations and notices through September 2027.
Due dates for eligible returns and payments may be postponed to September 30, 2027. Additional relief may be available.
The new app replaces IRS2Go. It lets you check your refund status, see your balance, make payments, view tax records and get an Identity Protection PIN on iPhone and Android.
You can pay your tax bill or an estimated payment straight from a checking or savings account at no cost, without a card fee.
The Illinois Department of Revenue is waiving penalties and interest for individuals and businesses in counties hit by the summer 2026 storms. Affected taxpayers send a short written explanation. Motor fuel use tax (IFTA) is not included.
Employers may give up to $2,500 a year, tax-free to the employee, to the Trump Account of an employee or their dependent through a separate written plan. A public hearing is set for October 15, 2026.
FinCEN's final rule, effective August 14, 2026, permanently exempts U.S. companies and U.S. persons from BOI reporting. Foreign companies registered to do business in the United States still report their foreign owners.
Family and friends can now add up to $5,000 a year to a Trump Account for a child under 18. Eligible children born 2025 through 2028 can receive a $1,000 government deposit when an account is opened with Form 4547.
From July 1, 2026 the business rate is 76 cents (it was 72.5 cents), medical and moving is 23.5 cents, and charity stays at 14 cents. Use 72.5 cents for miles driven January through June.
Certain Illinois cities, counties and districts imposed or changed local sales tax rates. Check that your register or accounting software has the right rate for every location you sell to.
A new Illinois law signed June 16, 2026 removes the expiration date for the election that lets S corporations and partnerships pay Illinois tax at the entity level. Partnerships get two ways to compute it starting in 2026, and Illinois will no longer follow the federal exclusion for qualified small business stock gains after 2026.
We read the official releases and summarize them in our own words. Details can change and may not apply to your situation. Always check the linked source, and ask us before you act.
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