Issue Number: 2026-16
Inside This Issue
Reminder: Business Tax Account designated officials must renew registration
Business taxpayers registered as a designated official for an S or C corporation in Business Tax Account must revalidate their status by July 29, 2026, to renew their role. Annual renewal is required to maintain access to Business Tax Account.
For all the latest news on BTA including expanded features, see the fact sheet.
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Disaster tax relief available for Mississippi, Wisconsin, Louisiana and Michigan
Below is information about recent disaster related tax relief granted by the IRS.
- Businesses and individuals affected by severe storms, straight-line winds, tornadoes and flooding in Mississippi that began on May 6, 2026, now have until Nov. 2, 2026, to file various federal business and individual tax returns and make tax payments.
- Businesses and individuals affected by severe storms, tornadoes and flooding in Wisconsin that began on April 13, 2026, now have until Nov. 2, 2026, to file various federal business and individual tax returns and make tax payments.
- Businesses and individuals affected by Tropical Storm Arthur in Louisiana that began on June 17, 2026, now have until Nov. 2, 2026, to file various federal business and individual tax returns and make tax payments.
- Businesses and individuals affected by severe storms, tornadoes and flooding in Michigan that began on April 10, 2026, now have until Nov. 2, 2026, to file various federal business and individual tax returns and make tax payments.
The IRS automatically identifies taxpayers located in covered disaster areas and applies filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS Special Services toll-free number at 866-562-5227 to request this tax relief.
The Tax relief in disaster situations page on IRS.gov has the most recent information for taxpayers affected by a disaster.
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Treasury and IRS finalize Charitable Remainder Trusts transaction regulations
Final regulations were recently issued identifying certain arrangements claiming to be Charitable Remainder Annuity Trusts as listed transactions. These regulations describe a transaction in which taxpayers claim to eliminate ordinary income and/or capital gain on the sale of property.
Material advisors and certain participants in these listed transactions are required to file disclosures with the IRS and are subject to penalties for failure to disclose.
For details see the news release.
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Other tax news
The following information may be of interest to individuals and groups in or related to small businesses:
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