IRA

The Internal Revenue Service has posted a draft 2026 tax year Form 8889, Health Savings Accounts (HSAs). Taxpayers file Form 8889 to report HSA contributions and associated tax deductions, HSA distributions, and any tax or penalty tax owed for distributions not used for qualified medical expenses.

The Internal Revenue Service (IRS) has posted draft Instructions for Form 5498-TA, Trump Account Contribution Information. This form must be filed with the IRS and furnished to the account beneficiary for each Trump account a custodian maintains during the calendar year as shown on the form, for any calendar year during the growth period for the account beneficiary. 

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for individuals and businesses in parts of Southeast Georgia that were affected by wildfires and straight-line winds that began on April 18, 2026. The tax relief postpones various tax filing deadlines that began on April 18, 2026. Affected individuals and households who reside or have a business in Clinch, Echols and Brantley counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

President Trump has issued an Executive Order that will establish a marketplace website for private-sector IRAs to provide a solution for workers without access to an employer-sponsored retirement plan. The order directs Treasury to launch TrumpIRA.gov by January 1, 2027, highlighting IRA providers that accept Saver's Match contributions, provide investment options including life-cycle or target date funds, balanced funds, and funds maintaining principal, with low fees (overall net-expense ratios limited to .15 percent) and no minimum contribution requirement. 

A bill re-introduced by Representative Bryan Steil (R-WI), titled the Protecting Americans' Retirement Savings From Politics Act, has cleared the House Financial Services Committee by a vote of 27-24.

Representatives Adrian Smith (R-NE), along with cosponsors Blake Moore (R-UT) and Brian Jack (R-GA), have introduced H.R. 8313, the Trump Accounts for All Generations Act.

The Internal Revenue Service has issued Revenue Ruling 2026-09 which contains the applicable federal rates (AFR) for May 2026. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments”.

The Department of Labor announced that it has issued Technical Release 2026-01, guidance reaffirming that proxy advisors that regularly engage in exercising control over shareholder rights attributable to ERISA plan assets, or provide advice for a fee about how ERISA plans should exercise proxy voting rights, must meet ERISA’s functional fiduciary requirements. The guidance follows an executive order, Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors issued in December by President Trump spotlighting two large foreign-owned proxy advisors.

Senator Susan Collins (R-ME) has introduced a pair of bills to help family caregivers better prepare for retirement. According to a press release, the Improving Retirement Security for Family Caregivers Act (S. 4292) would allow family caregivers to contribute to a Roth IRA even though they may not satisfy the earned income requirement in support of the contribution. A qualified family caregiver is someone who provides more than 500 hours of in-home care to a child or to an adult with a special need or age-related condition—and has completed fewer than 500 hours of paid employment. 

Representatives Greg Steube (R-FL), and Suzan DelBene (D-WA), have introduced the Optimizing Participant Tax Incentives through Optional Noncash Selections (OPTIONS) Act. The proposal builds off of guidance previously issued by the Internal Revenue Service (IRS) in private letter ruling (PLR) 202434006.