This edition includes revised standard mileage rates effective July 1, 2026, gift tax relief for contributions to Trump Accounts, updates to clean energy tax credits, changes to taxable substances, and announcements affecting tax-exempt organizations. Here are the highlights tax professionals should know.
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The Internal Revenue Bulletin (IRB) is the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.
ADMINISTRATIVE
Announcement 2026-11, page 49.
This Announcement advises the public that the Internal Revenue Service is revising the optional standard mileage rates for substantiating the costs of operating an automobile for business, medical or moving purposes. These revised rates are effective beginning July 1, 2026. This Announcement modifies Notice 2026-10.
ESTATE TAX, GIFT TAX
Rev. Proc. 2026-25, page 45.
This is a revenue procedure that provides a safe harbor for individual taxpayers who (i) make contributions to Trump accounts established under § 530A of the Internal Revenue Code and (ii) satisfy certain specified conditions. If the conditions are satisfied, contributions to Trump accounts will be treated as completed gifts that are not future interests in property and to which the annual per-donee gift tax exclusion applies. As a result, taxpayers within the scope of the revenue procedure will not be required to file gift tax returns reporting such contributions.
EXCISE TAX
Notice 2026-43, page 42.
This Notice of Determinations adds 2 chemical substances to the list of taxable substances under § 4672 subject to the tax imposed by § 4671.
EXEMPT ORGANIZATIONS
Announcement 2026-12, page 50.
Revocation of IRC 501(c)(3) Organizations for failure to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under IRC 170(b)(1)(A).
INCOME TAX
Notice 2026-41, page 39.
This notice publishes the 2026 calendar-year inflation adjustment factor for the section 45U zero-emission nuclear power production credit, as well as the inflation adjustment factors and corresponding applicable amounts for the section 45V clean hydrogen production credit and the section 45Z clean fuel production credit, respectively. The inflation adjustment factors (applicable to sections 45U, 45V, and 45Z) and the applicable amounts (in the case of sections 45V and 45Z) are used to determine the amount of the credit allowable under sections 45U, 45V, and 45Z.
Notice 2026-42, page 41.
This notice publishes the applicable reference price and credit amount under § 45I of the Internal Revenue Code for qualified natural gas production from qualified marginal wells during taxable years beginning in calendar year 2026. The applicable reference price and credit amount are used in determining the marginal well production credit under § 45I for qualified natural gas production.