IRS

The Internal Revenue Service has posted a revised draft 2025 Form 8880, Credit for Qualified Retirement Savings Contributions. This form is used by taxpayers to determine the amount, if any, that can be claimed as retirement savings contribution credits (known as the saver’s credit) for making contributions to an eligible employer-sponsored retirement plan, IRA, federal Thrift Savings Plan, or ABLE account.

The Internal Revenue Service has released the draft 2025 tax-year Publication 575, Pension and Annuity Income. This publication contains general information for taxpayers on how they are to treat retirement plan distribution income for tax purposes.

The IRS has posted a draft 2026 tax year Form 5498, IRA Contribution Information. Form 5498 is used to report IRA-related information, including contributions to IRAs, SEP plans, and SIMPLE IRA plans; end-of-year fair market values; rollovers; conversions; recharacterizations; etc. This form will be reviewed for any significant changes, and findings will be shared as appropriate.

The IRS has issued draft Form 5498-ESA, Coverdell ESA Contribution Information. Form 5498-ESA is used to report Coverdell education savings account beneficiary and custodian/trustee information, tax identification and account numbers, annual contributions, and rollovers.

The Internal Revenue Service has posted draft Instructions for Forms 1099-SA and 5498-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, and HSA, Archer MSA, or Medicare Advantage MSA Information.

The Internal Revenue Service has issued Notice 2025-43, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Internal Revenue Service has issued Revenue Ruling 2025-17 which contains the applicable federal rates (AFR) for September 2025.

The IRS has announced the postponement of certain tax-related deadlines for victims of West Virgina severe storms until February 26, 2026.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on July 22, 2025, for several disasters throughout the United States.

The IRS has announced the postponement of certain tax-related deadlines for victims of New Mexico storms, flooding, and landslides until February 2, 2026.