The IRS released Internal Revenue Bulletin 2026-38 with new notices and proposed regulations affecting employee benefit plans and income tax provisions. Tax professionals should review these updates to understand potential changes involving retirement plans, account requirements, and tax administration.
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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.
These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.
EMPLOYEE PLANS
Notice 2026-51, page 314.
This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for July 2026 used under § 417(e)(3)(D), the 24-month average segment rates applicable for August 2026, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
REG-107855-25, page 333.
These proposed regulations would revise procedures under § 1.430(d)-1 for determining the target normal cost and funding target as part of calculating the minimum required contributions for most single-employer defined benefit pension plans. These proposed regulations address which plan terms are taken into account in the actuarial valuation of a plan for a plan year, and what “plan-related expenses” must be included in determining the minimum required contribution for the plan year. The proposed regulations would also make other minor amendments to conform this regulation to changes in other regulations.
INCOME TAX
CC-00349938-26, page 317. The proposed regulations would provide guidance regarding eligible investments, which are the only assets in which Trump account funds may be invested before the first day of the calendar year in which the account beneficiary attains age 18. The proposed regulations would affect account beneficiaries and trustees of Trump accounts.
REG-117130-25, page 343.
These proposed regulations provide for the exclusion of certain income from the calculation of deduction eligible income for the deduction of foreign-derived deduction eligible income.
REG-119882-25, page 355.
These proposed regulations would provide that the refunded portion of certain refundable Federal income tax credits available to individuals is a “Federal public benefit” under Title IV of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) that cannot be paid to aliens who are not qualified aliens under PRWORA. These regulations would affect taxpayers claiming the adoption tax credit, the American opportunity tax credit, the child tax credit, and the earned income credit. This document also provides public notice of changes regarding eligibility for the refunded portion of such Federal income tax credits under PRWORA. Section 1256(g)(7)(C).