Key IRS Announcements and Compliance Tools (May–June 2026)
Disaster Relief: Georgia Wildfires & Southeast Storms
Individuals and businesses in certain Georgia counties hit by wildfires and straight-line winds starting 18 April 2026 now have until 20 August 2026 to file returns and make payments originally due between 18 April and August. Penalties on certain payroll and excise tax deposits are also abated. (irs.gov)
Similarly, those in Hawaii affected by flooding and mudslides (from 10 March 2026) have their filing and payment deadlines postponed to 8 July 2026. (irs.gov)
New IRS Tools & Proposed Regulations
- Section 892 proposed rules: The IRS and Treasury issued guidance on regulations governing tax-exempt status for foreign governments, including sovereign wealth funds, under IRC §892, with updates on applicability dates. (irs.gov)
- Remittance transfer tax: Under the One, Big, Beautiful Bill (OBBB) Act, a 1% excise tax now applies from 1 January 2026 on certain remittances using cash or physical instruments. Proposed regulations clarify definitions, reporting obligations, and liability. Comments were due by 12 June 2026. (irs.gov)
Thresholds & Reporting Rule Updates
Bulletin 2026-19 finalized changes under OBBB to set the threshold for certain information return reporting (Form 1099-MISC, NEC) at $2,000 (up from $600), effective for payments made after 31 December 2025. Gambling winnings, bingo, keno, slot machine returns, and reporting under §6041 also align. (irs.gov)
Tips to Stay Compliant
- Track deadlines closely if operating in a disaster-declared area—relief is automatic for those identified; others must apply.
- If you’re a financial services provider or send remittances via physical instruments, review proposed remittance tax rules and prepare to comply when they become final.
- Update internal systems and forms for the new reporting thresholds and rates under OBBB, particularly for payments to contractors or winnings.
- Take advantage of updated IRS calculators—e.g., the look-back interest calculator for long-term contracts (released 29 May 2026) helps firms accurately compute interest for multi-year agreements. (irs.gov)
Example Scenario: Construction Firm with Long-Term Contract
A firm finishing a two-year building project that spans 2025-2026 can use the new look-back interest calculator to determine interest adjustments, avoiding under-reporting penalties when estimating tax for multi-year contracts.
Summary
These US IRS updates span expanding relief for those hit by disasters, clearer rules under the ABBB/OBBB era, and updated reporting thresholds. For businesses and individuals, precise attention to detail—deadlines, reporting, definition changes—is essential to avoid surprises.