IRS Seeks Comments on Tax Form Updates
Published Date: 4/28/2026
Notice
Summary
The IRS is updating some tax forms and info collections that affect businesses, nonprofits, and individuals who use heavy highway vehicles or handle payment card transactions. They want your feedback by May 28, 2026, before finalizing these changes. These updates aim to keep tax reporting clear and accurate, with no new fees but some time needed to comply.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
Heavy Highway Vehicle Tax Reporting
If you operate or own heavy highway vehicles, you must compute and report the tax imposed by Internal Revenue Code section 4481 using Form 2290 (and 2290-SP). The IRS estimates 965,100 responses, an average of 16 hours 33 minutes per response, and a total annual burden of 15,972,406 hours; the agency is accepting comments through May 28, 2026.
1099-K Information Reporting Revision
The IRS is revising the Form 1099-K collection that reports payments made in settlement of merchant card and third-party network transactions. The agency estimates 13,340,100 respondents, about 28 minutes per response, and 6,403,248 total annual burden hours; comments are due by May 28, 2026.
Reverse Like‑Kind Exchange Safe Harbor
The revenue procedure for reverse like-kind exchanges provides a safe harbor under Section 1031 so a transaction using a qualified exchange accommodation arrangement may qualify for non-recognition treatment. The IRS estimates 1,600 respondents, about 2 hours per response, and 3,200 total annual burden hours; comments are due by May 28, 2026.
Leveraged Lease Ruling Information Burden
Taxpayers who request advanced rulings on leveraged lease transactions must provide the information and representations set out in Revenue Procedure 2001-29. The IRS estimates 10 respondents, about 80 hours per response, and 800 total annual burden hours; comments are due by May 28, 2026.
Sourcing Rules for Space and Ocean Income
Final regulations under section 863(d) govern the source of income from certain space and ocean activities and the source of communications income, affecting persons who derive income from activities in space or international waters and from transmission of communications. The IRS estimates 250 respondents, 300 annual responses, about 5 hours per response, and 1,500 total annual burden hours; comments are due by May 28, 2026.
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