March 2026: IRS USA Tax Updates

Unlocking New Tax Savings:  IRS Schedule 1-A Explained

The IRS has introduced Schedule 1-A for 2025, allowing taxpayers to claim new deductions on tips, overtime pay, car loan interest, and enhanced benefits for seniors. These deductions are subject to income limits and specific eligibility criteria but can be claimed regardless of whether taxpayers itemize or take the standard deduction. 

Read the article here: IRS published schedule taxpayers will use to claim deductions on no tax on tips, no tax on overtime, no tax on car loans, no tax on seniors | Internal Revenue Service

IRS Proposes Electronic 1099-DA Statements for Digital Asset Brokers

The IRS and Treasury have proposed new rules allowing digital asset brokers to provide 1099-DA statements electronically without offering paper copies, starting in 2027. Brokers must meet certain electronic notice and access requirements, aiming to reduce costs and streamline reporting for high-volume digital asset transactions.

Read the article here: Treasury, IRS issue proposed regulations to make it easier for digital asset brokers to provide 1099-DA statements electronically | Internal Revenue Service

IRS Proposes Trump Accounts and $1,000 Contribution Pilot for Eligible Children

The IRS and Treasury have issued proposed regulations for Trump Accounts, a new type of traditional IRA for minors, including a $1,000 pilot contribution for eligible children born between 2025–2028. Parents or guardians must file an election using Form 4547 to establish the account and claim the contribution. 

Read the article here: Treasury, IRS issue proposed regulations for Trump Accounts contribution pilot program, Treasury Department to deposit $1,000 into the account of each eligible child | Internal Revenue Service

IRS Issues Proposed Regulations on Opening and Managing Trump Accounts

The IRS and Treasury released proposed rules for Trump Accounts, detailing how parents, guardians, or other authorized individuals can open accounts for eligible minors and serve as the responsible party. Elections are made via Form 4547, which also allows for the $1,000 pilot program contribution, and outline authority over account management and successor designation. 

Read the article here: Treasury, IRS issue proposed regulations on how to open initial Trump Accounts under the One, Big, Beautiful Bill | Internal Revenue Service

IRS Tax Tips

Key Tax Credits for Parents and Families

The IRS highlights major tax credits available to families, including the Child Tax Credit and Adoption Tax Credit, both offering significant savings for eligible taxpayers in 2025. Updated provisions include partial refundability and expanded eligibility, making it important for families to review criteria and maximize benefits. 

Read the article here: Tax benefits for parents and families | Internal Revenue Service

Changes in 2025 Tax Bills: Key Updates

The IRS highlights that new deductions and updated credits under recent legislation may lower tax bills or increase refunds for 2025. Changes include deductions for seniors, tips, overtime, and car loan interest, along with updates to credits like the Adoption and Child Tax Credit. 

Read the article here: Taxpayers could see a change in their 2025 tax bill or refund | Internal Revenue Service

Education Tax Credits and Deductions Every Taxpayer Should Know

The IRS outlines key education tax benefits, including the American Opportunity Tax Credit and Lifetime Learning Credit, which help offset higher education costs. Taxpayers may also reduce taxable income through deductions like student loan interest and work-related education expenses. 

Read the article here: Tax credits and deductions for education | Internal Revenue Service