Connie Tax, LLC

08/05/2026

Reporting Relief for companies who use sub-contractors or non-employees.

For payments made in 2026, the federal Form 1099-NEC reporting threshold increased from $600 to $2,000. This change was enacted in the One, Big, Beautiful Bill Act and applies to payments made after December 31, 2025. Beginning after 2026, the threshold will be adjusted for inflation.

So, for the 2026 tax year:

2025 and earlier payments: Report if you paid $600 or more.
2026 payments: Report if you paid $2,000 or more to a nonemployee for services (unless another reporting rule applies, such as backup withholding).

One important point: The reporting threshold is not the taxability threshold. If a contractor earns $1,500 in 2026, that income is still generally taxable to them even though you may not be required to issue a Form 1099-NEC.

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07/17/2026

IRS implements new standard mileage rates start July 12026. Now $.76/mile as opposed to $.725/hours from January thru June 2026. Remember to track your beginning odometer, ending odometer, where you went and why.

Medical mileage also increased, up to $.235/mile up from $.205 from January thru June.

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07/09/2026

IR-2026-83: IRS simplifies penalty relief, introduces automatic process for eligible taxpayers Internal Revenue Service (IRS) sent this bulletin at 07/08/2026 02:05 PM EDT IRS Newswire July 8, 2026 Issue Number: IR-2026-83 Inside This Issue IR-2026-83, July 8, 2026 WASHINGTON — The Internal Revenu...

06/04/2026

I wanted to make sure you had the latest information and resources handy as the Trump Accounts app officially launched on all major platforms. Nearly 6 million children already have Trump Accounts established, helping families invest in the next generation and build long-term financial opportunity for America’s future.

What is a Trump Account?

Families get $1,000 for every American child born between January 1, 2025, and December 31, 2028.

The account is fully in the child’s name, and parents are the sole custodian until they turn 18.

No contributions are necessary, but families can deposit up to $5,000 per year to maximize growth.

Your child's funds will automatically be invested in American companies. The app lets you see exactly what stocks they own and how they're performing.

As they get older, they'll learn about investing and watch their money compound in real time. They'll gain more than just money. They'll gain financial literacy.
Trump Accounts are about investing in America’s next generation from day one. Every child deserves the opportunity to build a stronger financial future, and Republicans are focused on providing young families the tools to do exactly that. We should be making it easier for families to build wealth, not harder.

Here's a look at the numbers:

With this single $1,000 contribution, a child will have $6,000 by the time they turn 18.

Keep it in the account, and they’ll have $15,000 by age 27.

Leave it to grow until age 55, and they’ll have $243,000.

All this growth comes from a $1,000 investment.
Want to learn more? Visit trumpaccounts.gov.

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05/10/2026

Small business week! Check it out and see if you can grow your business.

Tax Tip 2026-38: National Small Business Week: Tools for business owners and entrepreneurs Internal Revenue Service (IRS) sent this bulletin at 05/07/2026 09:13 AM EDT IRS Tax Tips May 7, 2026 Issue Number: Tax Tip 2026-38 National Small Business Week: Tools for business owners and entrepreneurs Nat...

03/31/2026

Have you claimed your child's $1000?

IR-2026-42: 4 million children have been signed up for Trump Accounts with 1 million claiming the $1,000 pilot program contribution Internal Revenue Service (IRS) sent this bulletin at 03/31/2026 03:10 PM EDT IRS Newswire March 31, 2026 4 million children have been signed up for Trump Accounts with....

01/28/2026

https://content.govdelivery.com/accounts/USIRS/bulletins/4064fa4?reqfrom=share

IR-2026-13: IRS issues frequently asked questions about Executive Order 14247: Modernizing Payments To and From America’s Bank Account Internal Revenue Service (IRS) sent this bulletin at 01/27/2026 12:05 PM EST IRS Newswire January 27, 2026 IR-2026-13, Jan. 27, 2026 WASHINGTON — The Internal Re...

01/26/2026

Today e-file opens for individual 1040 tax returns. If you don't have all of your tax documents don't worry about it as they have until the end of month and long in some cases to provide you with your official tax document.

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01/10/2026

Already we have changes to the 2025 filing season! New start date to accept Individual tax returns is January 26th, 2026. Originally we were advised it would take until the middle of February before e-file would be ready, so this is good news!

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01/06/2026

IRS Newswire

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