Six regulatory items from the past two weeks that affect small businesses, tax preparers, and individual taxpayers. None of these is large enough to warrant a standalone post, but together they shape what BCA’s audience needs to know going into May.
Disaster relief: three states, three deadlines
The IRS issued tax relief for taxpayers in three weather-affected areas. Each gets a deferred federal filing and payment deadline. Affected taxpayers in the disaster zone get the relief automatically; taxpayers outside the zone with records inside the zone need to call the IRS Special Services line at 866-562-5227.
- Tennessee, Winter Storm Fern (Jan. 22, 2026): Deadline extended to May 22, 2026 for 23 counties (Cheatham, Chester, Clay, Davidson, Decatur, Dickson, Hardeman, Hardin, Henderson, Hickman, Lawrence, Lewis, Macon, Maury, McNairy, Perry, Robertson, Rutherford, Sumner, Trousdale, Wayne, Williamson, Wilson). Covers individual and business returns due Jan 22 through May 22.
- Mississippi, severe winter storm (Jan. 23, 2026): Deadline extended to June 8, 2026.
- Hawaii, severe storms / flooding / mudslides (Mar. 10, 2026): Deadline extended to July 8, 2026 for Hawaii, Honolulu, Kauai, and Maui counties.
If you have clients or business operations in any of these states, confirm whether the address of record on the return places them in the covered area.
Notice 2026-24: Farmer and Fisherman Estimated Tax Penalty Waiver
Farmers and fishermen who file calendar-year 2025 returns and pay in full by April 15, 2026 receive a waiver of the Section 6654 estimated tax penalty. The waiver applies to those who missed the March 3 farmer/fisherman filing deadline. If your agricultural clients filed late but paid in full by April 15, claim the waiver explicitly when responding to any IRS underpayment notice.
Section 127 Educational Assistance: FAQ Updated
Fact Sheet 2026-10 (IR-2026-55, April 20, 2026) confirms that employees can exclude up to $5,250 per year from gross income through employer-sponsored Section 127 educational assistance programs in calendar 2025 and 2026. OBBBA adds inflation indexing starting after 2026. Critically, employers must NOT report qualifying amounts on Form W-2. If you sponsor a Section 127 plan and this is news to your payroll team, audit the most recent W-2 batch before responding to any employee discrepancy claim.
Notice 2026-26: April 2026 Interest Rates and Segment Rates
For pension plan administrators and minimum funding calculations: Notice 2026-26 publishes the corporate bond monthly yield curve, March 2026 spot segment rates under § 417(e)(3)(D), April 2026 24-month average segment rates, and 30-year Treasury rates under § 430(h)(2)(C)(iv). Internal Revenue Bulletin 2026-18, April 27, 2026.
Rev Proc 2026-19: Foreign Insurance Company Investment Yields
Narrow audience but important for the affected filers. Rev Proc 2026-19 provides domestic asset/liability percentages and domestic investment yields needed by foreign life insurance and foreign property/liability insurance companies to compute minimum effectively connected net investment income under section 842(b) for tax years beginning after December 31, 2024. Internal Revenue Bulletin 2026-19, May 4, 2026.
2026 IRS Nationwide Tax Forum
The Tax Forum opens in Chicago, July 6 at the Hyatt Regency. Subsequent stops this summer: New Orleans, New York City, Orlando, San Diego. Tax professionals interested in attending should register and book lodging now; space is limited at every venue. Continuing education credit is available.
Tax Professional Webinar Slate
The IRS has three upcoming webinars for tax pros, two offering CE credit:
- May 5, 2026, 2 p.m. ET – Circular 230 Practitioner Pitfalls: OPR enforcement, common violations, disciplinary actions, reporting misconduct. 2 ethics credits.
- May 7, 2026, 2 p.m. ET – Federal Taxes for Small Businesses: Schedule C, entity selection, IRS resources. No CE credit. Small business owners welcome.
A third session, “Nonresident Aliens Owning U.S. Rental Real Property” (2 federal tax law update credits), aired April 30, 2026; replays may be available through the IRS Tax Pro continuing education portal. Direct any registration questions to cl.sl.web.conference.team@irs.gov.
Taxpayer Assistance Center Saturday Hours Continue Through June
The IRS continues to run special Saturday and extended-hours events at Taxpayer Assistance Centers nationwide through June 2026, following the post-deadline schedule that ran through April 30. Use the Contact Your Local Office tool or visit IRS.gov/SaturdayHours to find a participating location and confirm dates before traveling.
When to bring BCA in
If you are unsure whether your business or your clients fall into a covered disaster area, whether your Section 127 plan is being reported correctly on W-2s, or whether to bring tax professional CE webinar topics to your team, BCA advisors can help you sort the items that matter from the items that don’t. Our role is to advise and assist with business and compliance experience; the filings stay yours.
Sources
- U.S. Internal Revenue Service. e-News for Small Business 2026-08, April 21, 2026.
- U.S. Internal Revenue Service. Disaster relief announcements, Mississippi and Hawaii, April 2026.
- U.S. Internal Revenue Service. Notice 2026-24 (farmer/fisherman penalty waiver).
- U.S. Internal Revenue Service. Fact Sheet 2026-10 / IR-2026-55, April 20, 2026 (Section 127).
- U.S. Internal Revenue Service. Notice 2026-26, IRB 2026-18.
- U.S. Internal Revenue Service. Revenue Procedure 2026-19, IRB 2026-19.
- U.S. Internal Revenue Service. e-News for Tax Professionals, April 2026.
This information is provided for general educational purposes and reflects opinions based on experience. Individual circumstances may vary. The six items above span very different audiences (disaster relief, agricultural taxpayers, plan sponsors, foreign insurance filers, tax professionals). For any item that may apply to your situation, BCA advisors bring business and compliance experience to help you evaluate the specifics and advise on next steps.