The IRS announced on Monday, January 26 that tax season has begun! What’s new this year?

Form 1099-DA

Taxpayers who bought, sold, or received digital assets, including cryptocurrency, stable coins, or NFTs, must report those transactions. Some taxpayers may receive Form 1099-DA from brokers. But even if you don’t receive the form, all taxpayers must answer the digital asset question on Form 1040 and report any related income, gains, or losses. Form 1099-DA will not report basis information until 2026 so recipients will need to identify to their preparers how much they paid for the digital asset(s) sold. More information is available from the “Digital Assets” page on irs.gov.

Form 1099-K

The reporting threshold for this form has been a moving target in past years, but the OBBBA made it permanent. Payment card companies will issue Form 1099-K when payments from payment apps and online marketplaces exceed $20,000 with more than 200 transactions during 2025. More information on Form 1099-K can be found on the IRS website by clicking here.

Changes to Form 1040

See our blog post discussing the new car loan deductions as well as rules for “no taxes” on tips and overtime.

Electronic Payments

As of September 30, 2025, the IRS is actively moving away from issuing paper refunds or payments made by paper checks. When paying taxes, the IRS will still accept paper payments of 2025 tax liability. However, it may be prudent to become familiar with electronic options. More information can be found by clicking here.

If you would like to pay your federal taxes electronically, you may use the IRS Direct Pay electronic payment method by visiting www.irs.gov/payments. This service is free and can be used to pay your individual tax bill or estimated tax payments (if applicable) directly from your checking or savings account.

For your state tax payments, most states offer electronic payment portals. Information for paying electronically can generally be found on your state’s Department of Revenue website.