The IRS released its results for fiscal year 2026, reporting a record $5.6 trillion in tax collections and a smoother filing season for many taxpayers. Here are the highlights that matter most to individuals and small businesses.

Filing season highlights

• Faster refunds: About 90% of electronic filers received their refunds in less than 21 days. The average refund rose 11%, and direct deposit refunds increased 12%.
• Online accounts are growing: About 37.6 million people now use an IRS Individual Online Account, up 34%. Payments made through online accounts rose 57% to more than $133.6 billion.
• Business Tax Account use is up: Payments through the IRS Business Tax Account rose nearly 250%.
• Less paper for employers: More than 90% of Forms 940 and more than 80% of Forms 941 were processed electronically.
• Fraud protection: The IRS reports it protected about $38 billion from identity theft refund fraud.

Trump Accounts for children

The IRS reports nearly 70 million Trump Accounts are open for children under 18. The federal government contributes $1,000 for each child born between January 1, 2025, and December 31, 2028.

What to do before filing season

• Set up your IRS Online Account (or Business Tax Account) to view balances, make payments, and see notices.
• Choose e-file and direct deposit for the fastest refund.
• Report scams: Suspected tax fraud or scams can now be reported online at IRS.gov/submitatip.

How we can help: We can help you set up IRS online access, review notices, and get your 2026 return filed quickly and accurately. Contact Teddy Accounting Services to get on our schedule.

Source: IRS news release IR-2026-129