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IR-2026-20, Feb. 3, 2026

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations for domestic producers of clean transportation fuel to determine their eligibility for and calculate the clean fuel production credit under the One, Big, Beautiful Bill. The new law made important changes to what is often referred to as the 45Z credit.

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WASHINGTON — The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.

Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. The IRS expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically.

IRS.gov has online tools and resources taxpayers can use before, during and after filing their federal tax return. One, Big, Beautiful Provisions provides information that could help lower tax bills and potentially increase refund amounts.

“President Trump is committed to the taxpayers of this country and improving upon the successful tax filing season in 2025,” said Acting IRS Commissioner Scott Bessent. “Prior to the passage of the One, Big, Beautiful Bill, which delivered working families tax cuts, Treasury and IRS were diligently preparing to update forms and processes for the benefit of hardworking Americans, and I am confident in our ability to deliver results and drive growth for businesses and consumers alike.”

“The Internal Revenue Service is ready to help taxpayers meet their tax filing and payment obligations during the 2026 filing season,” said IRS Chief Executive Officer Frank Bisignano. “As always, the IRS workforce remains vigilant and dedicated to their mission to serve the American taxpaying public. At the same time, IRS information systems have been updated to incorporate the new tax laws and are ready to efficiently and effectively process taxpayer returns during the filing season.”

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Today's IRS news focuses on new guidance for retirement plan administrators, updates related to the "One, Big, Beautiful Bill," and reminders for the upcoming 2026 tax season, with new rules for retirement contributions, deductions for tips/overtime, and the introduction of "Trump Accounts".

The agency is preparing for a filing season that may bring "gigantic" refunds due to these new tax law changes, while also warning about ongoing scams.

Key IRS News & Updates (as of Jan 15, 2026):
Retirement Guidance: New safe harbor explanations (Notice 2026-13) are available for plan administrators regarding eligible rollover distributions, incorporating changes from post-August 2020 tax law.

One, Big, Beautiful Bill (OBBBA) Guidance: The IRS issued guidance (Notice 2026-11) on permanent 100% additional first-year depreciation for eligible property acquired after Jan. 19, 2025.
2026 Filing Season Prep: IRS Free File began accepting returns, offering early filing for eligible taxpayers.

New Deductions: Taxpayers may see larger refunds due to new deductions for tips, overtime, and car loan interest, plus enhanced senior deductions, all under OBBBA.

New Account Type: "Trump Accounts" (Trump-Era Education Savings Accounts) are launching in 2026 for children under 18, with federal deposits and stock index fund investments.

401(k) Limits Up: The 2026 contribution limit for 401(k) plans increased to $24,500.

Scam Alerts: The IRS continues to warn about fake stimulus payment scams and emphasizes official communication channels.

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H R X P R E S S | Streamline Your Admin Tasks Today H R X P R E S S offers immigration, tax, notarization, and document services with a focus on accuracy and customer satisfaction. Contact us today for personalized support.