Rockford Tax Link

Rockford Tax Link Tax Preparation and resolution

01/09/2026

The IRS is phasing out paper refund checks. It's already happening.
For most taxpayers, nothing changes—93% already use direct deposit.
But if you've been getting checks in the mail? That's about to get complicated.
File without banking info, and your refund won't just be delayed. There's a specific waiting period—and a process the IRS expects you to follow.
No bank account? Alternatives exist. But not all of them work, and there's setup involved.

01/08/2026

The IRS has announced that Monday, January 26, 2026, is the opening day of the 2026 income tax filing season. This is the date when the IRS officially begins accepting and processing 2025 federal income tax returns.

12/15/2025

Important!!! Starting in 2026, a tax free account is available for children born in 2025, a parent may opt-in for a one time government contribution of $1,000. Talk to your banker! Dont miss this!

12/09/2025

Good news for overtime workers! Deduct up to $12,500 for single filers on the account of overtime pay, make sure to save your last paychekck of the year showing your overtime pay so it can be properly claimed!

12/09/2025

Good news for truckers - you are allowed to claim $80/day for your meal allowance!

12/04/2025

After four years of work, the IRS has finalized its cryptocurrency regulations, and crypto tax reporting now begins. Starting with the 2025 tax year, custodial crypto platforms must report taxable crypto transactions directly to the IRS.Brokers must file the new IRS Form 1099-DA, Digital Asset Proceeds From Broker Transactions. This form reports the following:

• Customer’s name, address, and taxpayer identification number
• Name and quantity of the digital asset sold
• Sale date
• Gross proceeds amount

Brokers must file the first Forms 1099-DA for the 2025 tax year by March 31, 2026.

While not required, the IRS encourages employers and payors to provideemployees and payees with an approximate separate ...
11/25/2025

While not required, the IRS encourages employers and payors to provide
employees and payees with an approximate separate accounting of qualified
overtime and cash tips, an indication of whether an employee or payee received
tips from a specified service trade or business, and the TTOC (if applicable) to
assist employees and payees with filing claims for applicable deductions on their
individual tax returns.

09/24/2025

IRS is phasing out paper check refunds paid to individuals (09-23-25)

Paper refund checks for individual taxpayers will be phased out beginning on September 30, 2025. (IR-2025-94)

This latest announcement by the IRS is the first step in implementing President Trump’s Executive Order 14274, which directed the U.S. Treasury to stop issuing paper checks by September 30, 2025, as well as mandating all payments to the federal government be made electronically “as soon as practicable.”).

05/22/2025

Tax changes coming soon -
- No tax on tips passed already - next year I will be able to deduct up to $25,000 for the service industry workers.
- Self employed tax deduction raised to 23% and 100% bonus depreciation
- tax deductible MAGA savings tax account for children under 8 years old
- 20,000 threshold for payment card reporting
- 1099 threshold reporting increase from $600 to $2,000

And many more to come!

02/27/2025

For those who own LLCs and other business entities, the FinCEN BOI filing requirement is due March 31, 2025. Yes, there are exceptions (rare). Yes, it's been kicked around a bit in the courts but that process is completed. Get on it!

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