Market snapshot · Aug. 12, 2026 close
The American FilingSection
Filing seasons, rulings and the tax code
The income levels that determine how much Social Security benefit is taxable have not moved since the 1980s and 1990s, pulling a growing share of ordinary retirees into a tax designed for the affluent.
Budget documents project savings above $777 million from further staff reductions, with the agency arguing that without modernization it could not sustain performance at a lower headcount.
Agency leadership says processing targets were met after a 27% reduction in staff, while auditors and employee groups question how long technology can substitute for headcount.
The average refund ran roughly 11% ahead of last year and total refunds passed $265 billion by mid-April, even as the IRS received about 3 million fewer returns than at the same point in 2025.
Importers are carrying potentially enormous receivables from invalidated duties, but auditors are reluctant to let them be recognized while the government's appeal is pending.
Starting with the 2026 tax year, itemizers can deduct charitable gifts only above 0.5% of adjusted gross income, while non-itemizers can claim up to $2,000 in cash gifts.
The Court of International Trade held that all importers of record who paid the emergency-powers duties are entitled to the benefit of the Supreme Court's ruling, directing Customs to reliquidate entries that are not yet final.
Brokers issued the new digital asset form for the first time this season, reporting gross proceeds only. The number that determines what is actually owed does not arrive until next year.