Spates Accounting Services

📣 Tax Season 2026 is almost here! Are you ready?

The 2026 filing season is fast approaching, and there are some major changes you need to know about before filing your 2025 return. The IRS has released essential updates to help you prepare.

📋 Key Updates & Action Items:

💻 Create Your Account: Access your IRS Individual Online Account today to manage payments and view your tax info securely 24/7.

🚫 No More Paper Checks: Due to the "Modernizing Payments" executive order, paper refund checks are phasing out. Ensure you have a bank account set up for Direct Deposit to get your refund.

📜 "One, Big, Beautiful Bill" Changes: Review new deductions and credits! Remember, to claim credits for dependents, valid SSNs/ITINs are required by the due date.

👶 New "Trump Accounts": A new savings vehicle for children under 18! A $1,000 pilot contribution is available for eligible U.S. citizens born 2025–2028. Visit trumpaccounts.gov for details.

💼 Gig Economy & Crypto:

Form 1099-K: You'll receive this if your platform payments exceed $20,000 AND 200 transactions.

Digital Assets: Don't forget to answer the digital asset question on Form 1040 and report all crypto/NFT transactions (watch for Form 1099-DA).

👉 Get Ready now: Visit IRS.gov/GetReady for checklists and tools.

Jumpstarting the American Dream Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

2026 Outlook: A Game-Changer for Nonprofit Fundraising
The One Big Beautiful Bill Act (OBBBA) is set to reshape donor behavior starting in 2026. The biggest change? A new charitable deduction for the 91% of taxpayers who don't itemize.
The Breakdown:
• The Benefit: Non-itemizers can deduct up to $1,000 (single) or $2,000 (joint) directly on Form 1040.
• The Impact: Donors can potentially increase giving by ~28% with the same after-tax cost.
This is a massive opportunity to re-engage small and mid-level donors. Is your organization ready to communicate this win?