IRS

Proposed Rule on Tax-Exempt Refunding Bonds Guidance

The IRS has issued proposed regulations to update arbitrage rules for tax-exempt and tax-advantaged bonds. The proposal clarifies refunding overpayments, transferred proceeds, allocation limitations, defeasance notices, guarantee funds, and definitions of tax-exempt bonds and refunding issues. The proposed regulations affect issuers of tax-advantaged bonds.

IRS proposes removing partnership basis adjustment regulations

The IRS has proposed removing regulations that identified certain partnership related-party basis adjustment transactions as transactions of interest. This proposed rule would affect participants in these transactions and their material advisors. Comments are due by April 6, 2026.

IRS Proposes Trump Accounts Contribution Pilot Program

The IRS has issued a Notice of Proposed Rulemaking concerning a new Trump accounts contribution pilot program. The program would allow eligible children born between 2025 and 2028 to receive a one-time $1,000 contribution to their Trump account. The proposed regulations provide guidance on making the election for this contribution.

Proposed IRS Rule on Trump Accounts

The IRS has issued proposed regulations concerning the establishment and administration of 'Trump accounts,' a new type of individual retirement account authorized by recent legislation. The proposed rules provide guidance on making elections to open these accounts and reserve further sections for additional guidance. The comment deadline for these proposed regulations is May 8, 2026.

IRS Proposed Rule: Digital Asset Broker Electronic Statements

The IRS has issued a notice of proposed rulemaking concerning digital asset brokers. The proposal offers an alternative method for brokers to obtain customer consent for electronic delivery of tax statements related to digital asset transactions, without requiring a paper alternative.

IRS Final Adverse Determination for 501(c)(6) Tax Exemption

The IRS has issued a final adverse determination revoking tax-exempt status for a 501(c)(6) organization. The organization failed to protest a proposed adverse determination within the 30-day window, making the revocation final. The organization must now file federal income tax forms within 30 days.

IRS Written Determination: Extension of Time for Entity Classification Election

The IRS released Written Determination 202611007, granting a foreign company an extension of time to file an election to be classified as a disregarded entity for federal tax purposes. This determination provides relief under § 301.9100-3 for a late filing of Form 8832.

IRS Denies Federal Tax Exemption Under IRC 501(c)(3)

The IRS has issued a final determination denying a federal tax exemption under IRC Section 501(c)(3) to an organization. The organization failed to protest a proposed adverse determination within the required 30 days. As a result, donors generally cannot deduct contributions to this organization.

IRS Final Adverse Determination for 501(c)(19) Exemption

The IRS has issued a final adverse determination revoking tax-exempt status for an organization under IRC Section 501(c)(19). The organization failed to file a protest within 30 days of a proposed adverse determination.

IRS Determination on FPA Issuance and NAP Mailing Rules

The IRS has issued a determination regarding the issuance of FPA (presumably related to tax forms or filings) and rules for NAP (likely a mailing process). This guidance clarifies specific procedural requirements for taxpayers and the agency.