ABLE Account

The Internal Revenue Service has released a draft 2026 Form 5498-QA, ABLE Account Contribution Information. This form is used when administering Achieving a Better Life Experience (ABLE) programs. ABLE accounts permit the accumulation of financial resources for the support of special needs individuals.

The Internal Revenue Service has posted draft 2025 Instructions for Forms 1099-QA and 5498-QA, Distributions From ABLE Accounts and ABLE Account Contribution Information. 

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in Leech Lake Band of Ojibwe until February 2, 2026.

The Internal Revenue Service (IRS) has posted Instructions for Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, for 2025. 

The Internal Revenue Service (IRS) has posted 2025 Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.

The IRS has finalized the 2025 Form 8880, Credit for Qualified Retirement Savings Contributions.

The IRS has posted another draft 2025 Form 8880, Credit for Qualified Retirement Savings Contributions.

Congress passed the tax bill known as the One Big Beautiful Bill Act (OBBBA) on July 3, 2025. This article outlines certain retirement and financial provisions included in the OBBBA.

The Senate has passed by a vote of 51-50 its version of the tax reconciliation bill. The legislation will now move to the House as the President’s self-imposed July 4 deadline quickly approaches.

The House of Representatives has passed their version of the reconciliation tax bill—H.R. 1, the One Big Beautiful Bill Act—by a vote of 215-214.