IRS

The Internal Revenue Service has issued Revenue Procedure 2026-24, providing inflation-adjusted amounts for Health Savings Accounts (HSAs) for calendar year 2027. Maximum annual HSA contributions will rise from $4,400 to $4,500 for those with self-only insurance coverage, and from $8,750 to $9,000 for those with family coverage.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on May 29 for the certain storms.

The Treasury Department has announced the launch of the Trump Accounts mobile app. The mobile app will be the main interface for families with Trump accounts and is available on all major mobile app stores.

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.

The Internal Revenue Service has issued Notice 2026-33, to provide guidance on qualified long-term care distributions for long-term care insurance premiums pursuant to Section 334 of SECURE 2.0. Congress made the option available for these special retirement plan distributions after December 29, 2025.

The Internal Revenue Service (IRS) has issued Notice 2026-34 which includes the Cumulative List of Changes for Pre-Approved Defined Benefit Plans. The 2026 Cumulative List will assist providers applying to the IRS for opinion letters for the fourth remedial amendment cycle for defined benefit qualified pre-approved plans (Cycle 4) under the IRS’s pre-approved plan 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.