Trump Account elections, new settlement opportunity for conservation easement disputes, Look-back Interest Calculator, correction to Southeast Georgia disaster relief, business tax account renewals and more.

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e-News for Small Business




June 4, 2026




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Issue Number:  2025-12

Inside This Issue

* View and submit Trump Account elections online [ #First ]
* Time-limited settlement opportunity for conservation easement disputes [ #Second ]
* Now available: New Look-back Interest Calculator for long-term contracts [ #Third ]
* Correction to disaster tax relief for Southeast Georgia [ #Fourth ]
* Business Tax Account designated officials must renew registration [ #Fifth ]
* Other tax news [ #Sixth ]
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*    View and submit Trump Account elections online*
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Taxpayers can now view and submit Trump Account elections [ [link removed] ] online through their IRS Individual Account [ [link removed] ]. Using this secure tool, taxpayers can also view the status of a submitted Form 4547, Trump Account Elections.

Visit trumpaccounts.gov [ [link removed] ] for information about Trump Accounts.

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*    Time-limited settlement opportunity for conservation easement disputes*
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The IRS is offering a *new settlement opportunity for eligible taxpayers* involved in conservation easement or historic preservation easement disputes with the IRS.

This new time-limited settlement opportunity is intended to advance the goals of the prior initiatives while addressing barriers that may have discouraged acceptance.

Eligible partnerships will receive a letter from the IRS with specific terms and will have 135 days after the date of the letter to settle, cases will be determined by a court decision.

This settlement is *not* available in cases that: 


* Have been tried and awaiting an opinion
* Are on appeal to one of the United States Circuit Courts of Appeal
* Have already settled
* Have agreed to be bound to another case
* Have a trial set to commence within 30 days of the date of this announcement
* Are designated as test cases, unless all bound cases have settled or agree to settle under this initiative

For full details see the news release and visit the conservation easement page [ [link removed] ] on IRS.gov.

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*    Now available: New Look-back Interest Calculator for long-term contracts*
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Businesses that work on large, multi-year construction or manufacturing projects can use the new Percentage-of-Completion Method Look-Back Interest Calculator [ [link removed] ] to help them figure interest related to long-term contracts.

This new tool supports calculations required for Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts [ [link removed] ].

*This tool doesn't address all fact patterns or complexities associated with look-back interest **guarantee compliance with the law or replace authoritative guidance*. Business taxpayers should ensure the calculations agree with applicable authorities, including Section 460 of the Internal Revenue Code and Treasury Regulations Section 1.460-6.

Tax professionals should consider each business’s specific circumstances and ensure compliance.

For full details see the news release [ [link removed] ].

Users can share feedback about the calculator by emailing Stakeholder Liaison <[email protected]>. Be sure to put "Look-Back Interest Workbook feedback" in the subject line.

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*    Correction to disaster tax relief for Southeast Georgia*
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The news release for announcing disaster tax relief for Southeast Georgia [ [link removed] ] referenced the Federal Disaster Tax Relief Act of 2023, which doesn’t apply to any payments described in the announcement. Relief isn’t available for retirement plans or IRA distribution relief or disaster-related hardship withdrawal provisions

Please see the “Other relief” section of the news release for additional information.

Visit the tax relief in disaster situations page [ [link removed] ] of IRS.gov for the most recent disaster tax relief info. 

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*    Business Tax Account designated officials must renew registration*
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Business taxpayers registered as a *designated official* for an S or C corporation in Business Tax Account [ [link removed] ] must revalidate their status between *June 15 and July 29, 2026*, to renew their role [ [link removed] ]. Annual renewal is required to maintain access to Business Tax Account.

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*    Other tax news*
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The following information may be of interest to individuals and groups in or related to small businesses:


* A more detailed look at what the right to be informed means [ [link removed] ]
* Eligible taxpayers may be able to resolve tax debt through an offer in compromise [ [link removed] ]

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Tax Resources for Small Business

Small Business Self-Employment Center [ [link removed] ]

Small Business Forms & Instructions [ [link removed] ]

Small Business Tax Workshops, Meetings and Seminars [ [link removed] ]

Webinars for Small Businesses [ [link removed] ]

E-file Employment Tax Forms [ [link removed] ]

Businesses with Employees [ [link removed] ]

Self-Employed Individuals Tax Center [ [link removed] ]

S Corporations [ [link removed] ]

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Other Resources

IRS Home Page [ [link removed] ]

A-Z Index for Business [ [link removed] ]

Forms, Instructions & Publications [ [link removed] ]

Filing Your Taxes [ [link removed] ]

Pay Online [ [link removed] ]

Taxpayer Advocate Service [ [link removed] ]

Retirement Plans for Small Entities and Self-Employed [ [link removed] ]

Tax Information for Charities [ [link removed] ]
and Other Non-Profits [ [link removed] ]

State Government Websites [ [link removed] ]

SSA/RS Reporter [ [link removed] ]

IRS Social Media [ [link removed] ]

 







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