IRA

The Internal Revenue Service (IRS) has issued Notice 2026-32, titled “Alternative Method for Carrying Broker-Dealers to Comply with Certain Nonbank Trustee Rules”. The Notice prescribes that a broker-dealer that carries customer accounts and receives or holds funds or securities for those customers (a carrying broker-dealer) may, in lieu of satisfying the net worth requirement for nonbank trustees under Treasury regulations, demonstrate satisfaction under the SEC Net Capital Rule (15c3-1) and SEC Customer Protection Rule (15c3-3). The trustee of an IRA must be a bank as defined in Internal Revenue Code Section 408(n) or someone as a nonbank trustee who satisfactorily demonstrates to the Secretary that the trust will be administered consistent with requirements imposed by Treasury regulations.

Philadelphia voters have approved a ballot measure that is expected to establish the nation's first city-run auto-IRA program. Mayor Cherelle Parker signed bills into law on January 20, 2026, to establish the Philadelphia Retirement Savings Program known as PhillySaves—but the legislation required a separate ballot measure to create the Philadelphia Retirement Savings Board to oversee the program.

A bill signed into law by Oklahoma Governor Kevin Stitt would provide an additional Trump account contribution for Oklahoma kids. The Oklahoma Dream Accounts Investment Program Act authorizes the State Treasurer to make a one-time $250 contribution into a Trump account of each eligible Oklahoma child, once a family applies and the account is verified. Governor Stitt stated in a press release that, “The American Dream is different for every young Oklahoman. Let’s give them the opportunity to achieve it. With Trump Accounts and this $250 investment from the state, we are putting real resources behind their future.”

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”.