IRS

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.

The Internal Revenue Service released Instructions for Form 5330, Return of Excise Taxes Related to Employee Benefit Plans. The form is used to report excess contributions, prohibited transactions, reversion of qualified plan assets, excess fringe or welfare benefits paid, etc. 

The Office of Management and Budget has completed review of two proposed rules from the Department of Treasury and Internal Revenue Service pursuant to the implementation of Trump accounts under the One Big Beautiful Bill Act. One rule is titled “Trump accounts under section 530A”, and the other is titled “Election for Trump accounts contribution pilot program”. Release of the guidance is expected soon. 

The Internal Revenue Service (IRS) released Announcement 2026-7, further delaying the anticipated applicability date for certain portions of future final regulations relating to required minimum distributions (RMDs) under IRC Sec. 401(a)(9) pursuant to SECURE 2.0. 

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on February 18, 2026, for Louisiana severe winter storms, for the incident period of January 23 - January 27, 2026.

The Internal Revenue Service has issued Notice 2026-14, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Internal Revenue Service has released the 2025 Form 5500-EZ and Instructions for Form 5500-EZ, Annual Return of a One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan.

The Internal Revenue Service has posted a draft 2026 tax year Publication 1099, General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G).