Monthly Tax Update (May) - 2026

Author: Annette Nellen

These monthly update courses provide an opportunity to stay on top of developments that directly and indirectly affect your clients and practice. The focus is on key guidance from legislation, tax agencies and the courts that represent new interpretations, as well as guidance on new laws.

Join tax expert, Annette Nellen, as she emphasizes the updates most relevant to individuals and small businesses. This course will cover federal developments and issues, as well as key state and multistate changes likely to have a broad impact. We encourage you to register each month to stay on top of the constant change in tax guidance, build a strong foundation for tax planning, and identify possible practice development areas.

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2029 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

Publication Date: May 2026

Designed For
Practitioners at all levels looking for a way to efficiently stay on top of key federal and state developments of most relevance to individuals and small businesses.

Topics Covered

• Recent OBBBA guidance including gambling losses and reporting, Form 5498-TA, and more
• Expiring provisions
• National Taxpayer Advocate information on possible refund claims under Kwong decision
• AI updates and practice reminders
• Executive Order Promoting Retirement-Savings Access For American Workers by Establishing Trumpira.gov
• Recent cases and announcements on economic substance, documentation of charitable contributions, draft W-9, accounting methods, medical marijuana classification
• IRS conservation easement settlement program announcement
• OPR information on investigative and disciplinary processes
• IRS sample §127 educational assistance plan document
• Select multistate developments
• Legislative proposals

Learning Objectives

• Describe the most significant federal and multistate tax cases of the past five years and their relevance to tax compliance and planning
• Identify key federal tax developments from recent legislation, IRS guidance, and court decisions impacting individuals, businesses, and tax practice
• Analyze recent tax cases and rulings (e.g., economic substance doctrine, disaster relief, and penalty assessments) to determine their implications for client compliance and planning
• Evaluate IRS administrative updates, procedures, and enforcement trends to determine their impact on tax reporting responsibilities and practitioner
• Apply current federal and multistate tax law changes to identify planning opportunities, risks, and compliance considerations for clients
• Recognize emerging issues and upcoming tax developments to proactively advise clients and adjust tax strategies accordingly

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None