Weekly Tax News Update

IR-2026-68 | May 28, 2026

Trump Account Elections Now Available in IRS Individual Accounts

The IRS announced that taxpayers can now view and submit Form 4547, Trump Account Election(s), directly through their IRS Individual Online Account. These accounts, created under the One, Big, Beautiful Bill, are tax-advantaged savings vehicles for children to save for college, retirement, and generational wealth, with the federal program officially launching July 4, 2026.

Practice note: Clients with eligible children may ask about establishing Trump Accounts. Familiarize yourself with Form 4547 and the new account features accessible through IRS.gov.

IR-2026-69 | May 29, 2026

Additional Guidance on Section 892 Proposed Regulation Applicability Dates

Treasury and the IRS issued additional guidance addressing the applicability dates of recently proposed regulations under Section 892 of the Internal Revenue Code. Section 892 exempts foreign governments and sovereign wealth funds from U.S. tax on certain passive investment income; the new guidance clarifies when these proposed rules take effect.

Practice note: Practitioners with foreign government or sovereign wealth fund clients should review the updated applicability timeline before advising on passive investment structures.

IR-2026-70 | May 29, 2026

New IRS Calculator for Long-Term Contract Interest

The IRS released a new online calculator designed to help businesses working on large, multi-year construction or manufacturing contracts compute interest under the look-back method. This tool simplifies a complex calculation for taxpayers using the percentage-of-completion method on qualifying long-term contracts.

Practice note: Enrolled agents with clients in construction, defense contracting, or custom manufacturing should be aware of this new resource for long-term contract interest computations.

IR-2026-71 | June 2, 2026

IRS Reminds Late Filers: Free File Still Available for 2025 Returns

The IRS reminded taxpayers who missed the April 15 filing deadline that they can still file their 2025 federal tax return at no cost using IRS Free File at IRS.gov. Free File remains available through October 15, 2026, for those who requested an extension or who are filing late.

Practice note: Clients who missed the deadline and did not file an extension should be advised to file as soon as possible to stop further failure-to-file penalty accrual; Free File is a no-cost option for eligible taxpayers.

Oklahoma State Treasurer | June 2, 2026

May 2026 State Tax Revenue Report: Revenues Up 2.7%, Gross Production Tax Surges 22.3%

State Treasurer Todd Russ released Oklahoma's May 2026 revenue report showing total monthly collections of $1.3 billion, up 2.7% year-over-year. This marked the ninth consecutive month of positive annual revenue growth. The rolling 12-month total reached $17.83 billion, up $951 million (5.6%) over the prior year.

Key figures by tax category:

• Sales & Use Tax: $599.5 million, up 4.6% YOY
• Income Tax: $407.1 million, down 0.9% YOY
• Gross Production Tax (oil & gas): $109.9 million, up 22.3% YOY
• Motor Vehicle Tax: $127.4 million, down 2.9% YOY

Oklahoma's unemployment rate remained at 4.0%, below the 4.3% national average. The Consumer Price Index rose 3.8% in April, the 13th consecutive monthly increase.

Practice note: Strong gross production revenue is relevant for clients in the energy sector. Continued sales tax growth signals stable consumer spending, which affects clients with nexus exposure and sales tax compliance obligations.

Friday, June 12, 2026 | 9:00 - 10:00 AM | Zoom

OSEA Education Committee Meeting

The OSEA Education Committee meets monthly to plan and coordinate continuing education programs and seminars for Oklahoma enrolled agents. Members interested in shaping OSEA's CE offerings are welcome to participate.

Thursday, June 18, 2026 | 3:00 - 4:30 PM | Zoom

OSEA Board Meeting

The monthly OSEA Board of Directors meeting covers organizational business, member updates, advocacy matters, and upcoming events. All members are encouraged to stay informed about OSEA governance activities.

October 29-30, 2026 | In-Person & Virtual

Northeast Oklahoma Annual Seminar

Up to 16 CE units covering tax law, ethics, and federal tax updates. Available in-person and virtually. Registration opens soon at eaok.org.

November 12-13, 2026 | In-Person & Virtual

Oklahoma City Annual Seminar

Up to 16 CE units covering partnerships, IRS updates, and more. Available in-person and virtually. Registration opens soon at eaok.org.