Automatic refunds going out for adoption credit carryforwards

IRS | Federal (IRS) || The IRS released its yearly inflation adjustments for tax year 2027. The standard deduction rises to $16,600 for single filers, $33,200 for married couples filing jointly and $24,925 for heads of household. The top 37% rate starts above about $661,000 for single filers and about $793,600 for joint filers.

IRS | Federal (IRS) || Starting with payments made in 2026, businesses generally send a Form 1099-NEC or 1099-MISC only when they pay someone $2,000 or more in the year, up from $600. The 1099-K threshold for payment apps is back to $20,000 and 200 transactions.

IRS | Federal (IRS) || The IRS is encouraging taxpayers to secure their IRS online accounts and sign up for an Identity Protection PIN, a six-digit code that stops anyone else from filing a return with your Social Security number.

NY State Budget | New York State || New York’s 2026–27 budget adds a refundable child and dependent care credit for tax years starting in 2026 and lets workers subtract up to $25,000 of qualified tips from New York income for 2026, for single filers earning up to $150,000 and joint filers up to $300,000.

IRS | Federal (IRS) || The IRS reminded paid tax preparers to renew their Preparer Tax Identification Numbers before the 2027 filing season. Anyone paid to prepare federal returns must have a current PTIN.

Federal Student Aid | Student aid || The 2027–28 FAFSA opened ahead of the October 1 launch date. Students can now see their estimated Pell Grant and federal aid eligibility right after submitting, and the federal filing deadline is June 30, 2028.