Issue Number:  2026-22

Inside This Issue

1. Clients can now view and submit Trump Account elections in their IRS Individual Account

2. Learn about the IRS Nationwide Tax Forum on YouTube

3. New look-back interest calculator for long-term contracts

4. Reminder: IRSAC applications

5. Did you know? Disaster preparedness

6. Technical guidance

1.  Clients can now view and submit Trump Account elections in their IRS Individual Account

New IRS Individual Account features allow clients to view and submit Trump Account elections. Through IRS Individual Account, clients can securely access their tax information and complete common tasks online, such as:

• Viewing the latest submission status of their Form 4547, Trump Account Election(s), including next steps; and

• Submitting Form 4547, Trump Account Election(s), electronically.

Electronic submissions improve accuracy, speed up processing times, and reduce delays associated with paper forms.

A one-time $1,000 pilot program contribution from the Department of the Treasury is available for eligible children born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number.

Tax professionals and their clients can learn more about Trump Accounts at trumpaccounts.gov.

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2.  Learn about the IRS Nationwide Tax Forum on YouTube

Two brief videos on the IRSvideos YouTube channel provide an overview of the IRS Nationwide Tax Forum:

• 2026 Nationwide Tax Forum: Welcome – This two-minute video explains what tax professionals can expect from the Forum, including the many benefits.

• Nationwide Tax Forum: In Five Cities – Tax professionals can find dates, locations, and how to register in this one-minute video.

Tax professionals interested in attending the 2026 Nationwide Tax Forum should register as soon as possible.

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3.  New look-back interest calculator for long-term contracts

The IRS released a new calculator to help tax professionals who have business clients working on large, multi-year construction or manufacturing projects.

The calculator helps figure look-back interest related to those contracts, which helps tax professionals complete Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts.

Tax professionals should review the calculator output carefully, consider each taxpayer’s specific circumstances, and ensure compliance. Using the calculator does not guarantee compliance with the law and does not replace authoritative guidance, since tool does not address all fact patterns or complexities associated with look-back interest calculations. Tax professionals and their clients should ensure the calculations agree with applicable authorities, including Internal Revenue Code Section 460 and Treasury Regulations Section 1.460-6.

Tax professionals may submit feedback about the calculator by emailing their IRS Stakeholder Liaison and including "Look-Back Interest Workbook Feedback" in the subject line.

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4.  Reminder: IRSAC applications

Friday, June 5, is the deadline for tax professionals to apply for the Internal Revenue Service Advisory Council.

Applicants must complete the IRSAC application, submit a resume, and provide a one- or two-page statement of interest highlighting recent examples of specific skills and qualifications, including experience in:

• Applying tax law knowledge to resolve complex tax issues.

• Evaluating issues from a broad perspective and effectively communicating recommendations.

• Working with third-party individuals or organizations who interact with the IRS on behalf of taxpayers.

• Supporting online services for tax professionals and user experience design.

Strong critical thinking, strategic planning, and oral and written communication are desirable.

Applicants must submit a tax check waiver form and undergo an IRS practitioner background check. Those the IRS deems “best qualified” will also undergo an FBI fingerprint check. Information on the tax check waiver will be provided upon receipt of the application.

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5.  Did you know? Disaster preparedness

Tax professionals should remind their individual and business clients about the importance of protecting tax and financial records. The IRS provides various tips, such as using paperless recordkeeping, documenting valuables and business equipment, making a continuity of operations plan, and more. Taking steps now can make recovery easier.

The IRSvideos YouTube channel also has a short video about preparing for disasters. Tax professionals can share the video with their clients.

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6.  Technical guidance

The Department of the Treasury and the IRS recently shared:

• Section 892 proposed regulations providing grandfathering protection and transitional relief to sovereign investors and

• Amounts for 2027 Health Savings Accounts and excepted benefit health reimbursement arrangements.

Section 892 proposed regulations provide grandfathering protection and transitional relief to sovereign investors

Additional guidance addresses the applicability dates of recent proposed regulations under Section 892 of the Internal Revenue Code, which exempts foreign governments, including sovereign wealth funds, from tax on certain income derived from passive U.S. investments. This additional guidance provides grandfathering protection and transitional relief to foreign governments investing in the United States.

This follows the proposed regulations under Section 892, issued in December 2025, clarifying when an acquisition of debt by a foreign government is commercial activity and when a foreign government has effective control of an entity engaged in commercial activities, in which cases the exemption does not apply.

A recent news release contains additional information.

2027 inflation adjusted amounts for Health Savings Accounts and the maximum amount that may be made newly available for excepted benefit health reimbursement arrangements

Revenue Procedure 2026-24 provides the 2027 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under Section 23 of the Internal Revenue Code. It also provides the maximum amount that may be made newly available for excepted benefit health reimbursement arrangements (HRAs) provided under Section 54.9831-1(c)(3)(viii) of the Pension Excise Tax Regulations.

Note: Revenue Procedure 2026-24 will be in Internal Revenue Bulletin 2026-25, dated June 15, 2026.

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