Plain-language notes on U.S. tax deadlines, IRS letters, cross-border reporting and running a small business, written by the CPAs who handle these questions every day.
IRS Notice 2026-65 and the IRS segment-rate table show that the §417(e) interest rates behind 2027 pension lump sums are about 0.4 to 1.0 percentage point higher than the rates used for 2026, so many defined benefit plans may pay smaller lump sums for annuity starting dates in 2027. Check your plan's lookback month, stability period and paperwork deadline now, and plan the 20% withholding, direct rollover and 10% additional tax rules before you elect.
Under IRS Notice 2026-40, gain deferred through a Qualified Opportunity Fund investment made on or before December 31, 2026 is included in income on December 31, 2026 and reported on 2026 returns with Form 8997, even if the investor has not sold. Starting January 1, 2027, OBBBA's permanent QOZ 2.0 rules bring a rolling 5-year deferral, a 10% basis increase (30% for rural funds) and newly designated zones, while proposed QOF reporting rules (REG-116506-25) face a November 5, 2026 hearing.
Under IRS TX-2026-05 (October 27, 2026), individuals and businesses in 62 Texas counties hit by the storms that began July 14, 2026, including Harris, Fort Bend, Travis and Bexar, have until February 1, 2027 for most federal returns and payments due from July 14, 2026 onward. Extended 2025 Form 1040s, Form 941 and estimated tax payments are covered, but 2025 tax due April 15, 2026 and payroll deposits are not.
Under final regulations T.D. 10055 (91 FR 60801), the IRS user fee for an estate tax closing letter (Letter 627) rises from $56 to $76 for requests received after October 26, 2026. Before paying on Pay.gov, executors should check the estate's account transcript for TC 421, confirm the address of record, and remember that early, duplicate and post-supplemental requests are generally not refunded.
Treasury finished Trump Account auto-enrollment on October 1, 2026, so eligible children with an SSN now have an account that a parent must claim and activate in the official app before family or employer money can go in. U.S.-citizen children born 2025 through 2028 still need a separate Form 4547 election for the $1,000 seed, and T.D. 10056 (IRB 2026-44, October 26, 2026) sets the rules.
On October 22, 2026, the IRS issued Rev. Proc. 2026-34, which updates EPCRS and, effective immediately, lets more 401(k), 403(b), SEP and SIMPLE IRA mistakes be self-corrected with more time to finish. Rev. Proc. 2026-33 creates ICRS, a new IRA correction program starting May 1, 2027 for custodian-caused RMD and account errors and 60-day rollover waivers, with a $3,500 IVCP user fee.
From 2026-07-01 the EU dropped duty-free treatment for parcels under €150; on 2026-10-15 Google launched Universal Cart in the U.S. What U.S.-based cross-border sellers should check now: sales tax nexus, 1099-K reconciliation and import entries.
In IR-2026-125 (October 21, 2026), the IRS said it will not challenge missing Form 720 filings, reports or records that are solely due to IRC §4041(a) tax on taxable dyed-diesel uses from October 1 through December 31, 2026, building on the IR-2026-122 penalty relief. Other excise taxes, fuel tax credit records and state rules such as North Carolina's S.L. 2026-62 and Form GAS-1259 still apply.
The DHS final rule effective October 14, 2026 ends automatic EAD extensions for renewals filed on or after October 30, 2025. A checklist for the gap: I-9 reverification, W-4 and estimated tax safe harbor, joint vs. separate filing, 401(k) loan offsets and spousal IRAs.
