Millions of American citizens have to file for their 2025 tax returns as the IRS will begin processing the returns on Monday, January 26, 2026, MLive reported. The last date for filing has been set on August 15, and failing to file tax returns by this date will result in penalties.
Moreover, while the returns won’t begin till January 26, taxpayers can file their returns before that as well. Another important point that American tax payers should remember this year is that the provisions, which were signed in the One Big Beautiful Bill Act last year, can result in maximized refunds.
Therefore, people filing for their refunds should ensure to go through the IRS website to understand the new provisions better and get more refunds.
Acting IRS Commissioner Scott Bessent commented on the same, saying, President Trump is committed to the taxpayers of this country and improving upon the successful tax filing season in 2025.”
“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,” he added.
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Besides new provisions, certain new rules and regulations have been introduced, which the IRS deems important to be known by tax payers. As per Trump’s 2025 order, Treasury Department was asked to stop using paper checks for almost all of its financial transactions.
This means the issuance of tax refunds also comes under this rule, and therefore, the person filing for the return should ensure that they have a working bank account where the return amount could be deposited directly.
Meanwhile people buying or selling digital assets, including cryptocurrency, stablecoins or NFTs are required to report those earnings. While a person with such earnings might receive the relevant form from a broker, in case that does not happen, that person has to self-report their income on form 1040.
More information about the same is available on the official website of IRS and people filing for their returns are advised to check the same.
Monday, January 26, 2026, will be the first day of the nation’s 2026 filing season. #IRS expects to receive about 164 million individual income tax returns this year, with most people filing electronically. Find more info here: https://t.co/W3B7eLghtQ pic.twitter.com/Tfqi0YP9Ia
— IRSnews (@IRSnews) January 8, 2026
People who have received digital payments for gig activities or part time work in 2025 also need to claim for the same. These payments, received through PayPal, Venmo, CashApp, and others are required to be filed through 1099-K form.
The form would be issued “by payment card companies for any amount and by payment apps and online marketplaces when payments exceed $20,000 and more than 200 transactions occur for the year” the IRS reported.
With chances of getting bigger returns, tax payers should ensure that they are filing their returns on time while keeping in mind all the digital payments they have received in the previous financial year.
