IRA

The Internal Revenue Service has issued an updated draft Form 5330, Return of Excise Taxes Related to Employee Benefit Plans.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on October 22, 2025, for the following disasters. 

Alaska Severe Storms, Flooding, and Remnants of Typhoon Halong, for the incident period October 8, 2025 – October 13, 2025. 

North Dakota Severe Storms, Straight-line Winds, and Tornadoes, for the incident period August 7, 2025 – August 8, 2025. 

Leech Lake Band of Ojibwe Severe Storms and Straight-Line Winds, for the incident period June 21, 2025. 

Nebraska Severe Storms, Straight-line Winds, and Flooding, for the incident period August 8, 2025 – August 10, 2025. 

The Internal Revenue Service has provided reporting relief from the requirement to include a code “Y” on a 2025 Form 1099-R when reporting qualified charitable distributions from an IRA. The use of the new code for 2025 is now optional. Instructions for Forms 1099-R and 5498 indicated that use of the code in 2025 was required.

Senator Catherine Cortez Masto (D-NV) has introduced S. 2964, the Emergency Relief for Federal Contractors Act of 2025.

The Internal Revenue Service has issued Revenue Ruling 2025-21 which contains the applicable federal rates (AFR) for November 2025.

The Internal Revenue Service has issued a draft 2026 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. Form W-4P is used to withhold federal income tax from periodic retirement plan and IRA payments. Periodic payments are installment payments taken at regular intervals over a period of more than one year.

The Internal Revenue Service (IRS) has released draft Instructions for Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments. Form 8915-F is used to report certain qualified disaster distributions and repayments of qualified disaster distributions, including 2021 and later disasters.

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled "Requirement to Provide Paper Statements in Certain Cases-Amendments to Electronic Disclosure Safe Harbors”, pursuant to the requirements of the SECURE 2.0 Act.

The Internal Revenue Service has provided draft Instructions for Form 5498-ESA, Coverdell ESA Contribution Information, for the 2026 tax year. 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.

Senators Ruben Gallego (D-AZ) and Todd Young (R-IN) have introduced S. 2867, the Uplifting First-Time Homebuyers Act to help more people buy their first home.