IRS

The Internal Revenue Service has issued Notice 2026- 26, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for flooding and mudslides due to severe storms in the state of Hawaii until July 8, 2026. The tax relief postpones various tax filing deadlines that began on March 10, 2026. Affected individuals and households that reside or have business in Hawaii, Honolulu, Kauai and Maui counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for winter storm Fern in the state of Tennessee until May 22, 2026. The tax relief postpones various tax filing deadlines that began on January 22, 2026. Affected individuals and households who reside or have a business in Cheatham, Chester, Clay, Davidson, Decatur, Dickson, Hardeman, Hardin, Henderson, Hickman, Lawrence, Lewis, Macon, Maury, McNairy, Perry, Robertson, Rutherford, Summer, Trousdale, Wayne, Williamson and Wilson counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The Internal Revenue Service has released an updated draft Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits. Retirement plan sponsors use this form to notify the Social Security Administration (SSA) if a former employee has vested benefits remaining in the plan.

The Internal Revenue Service has issued a draft Form 5498-TA, Trump Account Contribution Information, which will be used by trustees to report tax year contributions to Trump accounts. 

The Internal Revenue Service (IRS) has posted a draft 2026 tax year Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 

The Internal Revenue Service has posted a draft 2026 tax year Form 5498, IRA Contribution Information. Form 5498 is used to report IRA-related information, including contributions to IRAs, SEP plans, and SIMPLE IRA plans; end-of-year fair market values; rollovers; conversions; recharacterizations; etc. 

The Department of Treasury and Internal Revenue Service have issued a proposed rule providing guidance on how an election to open a Trump account is made on behalf of an eligible individual, pursuant to the One Big Beautiful Bill Act and ahead of implementation later this year.

Representatives Glenn Grothman (R-WI) and Don Norcross (D-NJ) have introduced H.R. 7362, the Form 5500 Simplification Act. The Form 5500 is used to provide information to the Internal Revenue Service, the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).

The Internal Revenue Service has posted the 2025 tax year Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). It is useful to employers that are considering establishing a retirement plan, as it describes each plan’s operational requirements, contribution opportunities, etc.