On 12 August 2026, the Department of the Treasury and the Internal Revenue Service officially published IR-2026-91, providing interim guidance designed to simplify and standardize the rollover process for retirement plan participants and individual retirement account holders, as mandated by Section 324 of the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. This […]
As of 11 August 2026, the IRS issued Tax Tip 2026-62 to inform owners and operators of heavy highway vehicles about the annual Form 2290 filing requirements for the Heavy Highway Vehicle Use Tax (HVUT). The tip clarifies that the tax is due for vehicles with a taxable gross weight of 55,000 pounds or more
In response to the Working Families Tax Cuts legislation, the Treasury Department and the IRS have issued proposed regulations concerning employer contributions to so‑called “Trump Accounts,” a tax‑advantaged vehicle established to support employees of certain employers. The regulations clarify the criteria for eligibility, the permissible contribution limits, and the reporting obligations for both employers and
On 11 August 2026, the Department of the Treasury and the Internal Revenue Service issued proposed regulations concerning employer contributions to Trump Accounts, a novel savings vehicle established under the Working Families Tax Cuts legislation enacted earlier in the fiscal year, aiming to expand tax-advantaged retirement opportunities for employees and their dependents across diverse income
On August 7, 2026, the Treasury and IRS issued Notice 2026-48 (IR-2026-89) announcing intent to propose regulations for the federal Saver’s Match program, effective January 1, 2027, as directed by Executive Order 14403. The Saver’s Match replaces the non-refundable Saver’s Credit (Section 25B) with a refundable government matching contribution deposited directly into eligible taxpayers’ retirement
As of 06 August 2026, the IRS released Tax Tip 2026-61 to remind taxpayers of their right to request an independent review of an IRS decision through the Office of Appeals. The tip explains that after receiving a notice of deficiency, a lien, a levy, or other adverse action, taxpayers may file a formal protest
The IRS released updated FAQs on August 6, 2026 (IR-2026-88) clarifying the qualified overtime deduction introduced by the Working Families Tax Cuts (WFTC) Section 111. This new above-the-line deduction allows eligible employees to deduct up to $5,000 annually ($10,000 MFJ) for qualified overtime compensation—defined as hours worked beyond 40 per week under FLSA or applicable
United States: IRS Updates FAQs on Qualified Overtime Deduction Under WFTC Read More »
The Internal Revenue Service (IRS) announced on August 6, 2026 that the Business Tax Account (BTA) will roll out additional features designed to improve security and convenience for eligible businesses. The updates include enhanced digital notice delivery, streamlined payment processing, and broader online account management capabilities, building on the BTA’s existing infrastructure that supports secure
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On August 5, 2026, the Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2026-28 providing guidance on the permanent expansion of the paid family and medical leave credit under the Working Families Tax Cuts (WFTC). The notice explains that eligible employers may claim a credit equal to a percentage of wages
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As of 04 August 2026, the IRS published Tax Tip 2026-60 reinforcing that taxpayers have the statutory right to appeal an adverse IRS determination before an independent forum—the Office of Appeals. The tip outlines the sequential steps: reviewing the notice, determining the appropriate appeal pathway (small case or formal protest), preparing the required documentation, submitting
