United States

The Internal Revenue Service announced in IR-2026-98 on August 21, 2026, that interest rates for the calendar quarter beginning October 1, 2026, will remain unchanged from the third quarter. Under Internal Revenue Code Section 6621, the IRS adjusts rates quarterly based on the federal short-term rate determined by the Secretary of the Treasury. For Q4 […]

On August 20, 2026, the IRS unveiled a digitally authenticated Tax Compliance Report accessible through the IRS Individual Online Account, per News Release IR-2026-97. This innovation leverages cryptographic verification and the IRS’s Digital Identity framework to provide taxpayers and authorized third parties—such as mortgage lenders, financial aid offices, and immigration attorneys—with a tamper-proof, real-time summary

The Department of the Treasury and IRS released proposed regulations on August 20, 2026 (IR-2026-96) defining eligible investments for “Trump Accounts,” a new traditional IRA variant established under the Working Families Tax Cuts (WFTC) legislation. These accounts, created by WFTC Section 102, allow eligible individuals to contribute up to $5,000 annually (indexed) with tax-deferred growth

As of 20 August 2026, the IRS issued Tax Tip 2026-64 outlining the updates to the Paid Family and Medical Leave (PFML) Tax Credit for employers who provide qualifying leave to their employees. The enhancements, effective for tax years beginning after December 31, 2025, increase the credit percentage, expand the definition of qualifying leave, and

In IR-2026-95 dated August 19, 2026, the IRS announced the establishment of the Office of Conservation Easements (OCE) within the Large Business and International (LB&I) division, alongside a transitioned settlement process for syndicated conservation easement (SCE) cases. This structural reform responds to the explosive growth of SCE transactions—identified as a “Listed Transaction” under Notice 2017-10

The IRS published updated Frequently Asked Questions (FAQs) on August 19, 2026 (IR-2026-94) addressing the limitation on the deduction for business interest expense under IRC Section 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) and further modified by the CARES Act and Inflation Reduction Act. The FAQs clarify computational mechanics for the

On August 19, 2026, the Treasury Department and IRS issued proposed regulations (IR-2026-93) implementing federal law restrictions on refundable tax credit eligibility for individuals not lawfully present in the United States. The regulations, authorized under the Working Families Tax Cuts (WFTC) and consistent with the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) Sections 401

The IRS and Security Summit partners issued a joint reminder on August 18, 2026 (IR-2026-92) that all tax professionals handling taxpayer data must maintain a Written Information Security Plan (WISP) as required by the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule and IRS Publication 4557. With cyberattacks on tax firms escalating—particularly ransomware and business email compromise (BEC)

As of 18 August 2026, the IRS published Tax Tip 2026-63 reminding taxpayers who have filed for an automatic six‑month extension that they do not need to wait until October 15, 2026, to submit their completed federal tax return. The tip emphasizes that extension filers can file their return any time after the original April

The Department of the Treasury and the Internal Revenue Service have jointly released official guidance designed to simplify and standardize the rollover process between various retirement plans and individual retirement accounts (IRAs). This guidance implements provisions of the SECURE 2.0 Act, specifically Section 324, which mandates clearer procedural steps and standardized sample forms for direct