Current IRS news and tax updates
Recent developments, summarized in plain language. Each item links to the source. Check the IRS newsroom for the latest announcements.
Form 4547 is now the election form for Trump Accounts
The IRS instructions for Form 4547 explain how parents, guardians and other eligible filers can open an initial Trump account for a child and request the $1,000 pilot contribution. The instructions say the form may be filed at any time, and that online options were expected in mid-2026. Read the IRS instructions. Our full breakdown is in the Form 4547 study notes.
Treasury and IRS propose rules for the $1,000 pilot contribution
The Treasury and IRS have issued proposed regulations on the Trump Accounts pilot program, which covers a $1,000 deposit from the Treasury into the account of each eligible child. Proposed rules are open for comment and are not final. Read the IRS newsroom release.
IRS releases 2026 inflation adjustments
The IRS has published tax year 2026 inflation adjustments, which include changes made by the 2025 federal budget law (commonly called the One Big Beautiful Bill Act). These adjustments affect brackets, standard deductions and other limits. Look up the exact figures in the IRS release rather than relying on secondary summaries.
Comments were requested on the new Trump Account forms
The IRS requested public comment on the information collected by the new Trump Account forms, including Form 4547 and the practitioner form Form 8879-TA. Comments were due March 6, 2026, so the comment period has closed. Practitioners generally use Form 8879-TA when they e-file a Form 4547 with a return.
General educational information only, not tax, legal or investment advice. Information reflects sources available at the time of writing, October 2026. Verify with irs.gov and a qualified tax professional before acting.