08/26/2026
📰 Wednesday Tax News — Quick Summary | August 26, 2026
The IRS has several important updates for taxpayers and tax professionals:
🔹 FIRE → IRIS Transition: Information-return filers should prepare for the FIRE system’s retirement and transition to IRIS before the 2027 filing season.
🔹 Tax Compliance Report: Taxpayers can now access a digitally authenticated Tax Compliance Report through their IRS Individual Online Account.
🔹 Interest Rates: IRS interest rates will remain unchanged for Q4 2026, beginning October 1.
🔹 Trump Accounts: Treasury and IRS proposed rules addressing eligible investments for Trump Accounts.
🔹 Business Tax Update: IRS updated FAQs on the business interest expense deduction limitation.
🔹 WISP Reminder: Tax professionals are reminded to maintain a Written Information Security Plan (WISP) to protect client data.
🔹 Conservation Easements: IRS established a new Office of Conservation Easements to address specialized tax and valuation issues.
📌 Bottom line: Tax professionals should focus on IRIS preparation, cybersecurity/WISP compliance, and staying current with new IRS guidance, while taxpayers should use their IRS online accounts and keep up with official tax updates.
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IRS Newsroom