On April 21, the Internal Revenue Service (IRS) issued IRS Tax Tip 2026-33 reminding taxpayers of the available options to check the status of a tax refund. Most refunds are issued within 21 days of filing a tax return.

For taxpayers expecting a refund, there are several easy ways to track the status. The IRS’s primary tool is the “Where’s my refund?” feature on IRS.gov. The tool provides real-time updates on whether a return has been received, approved and when a refund is expected. Taxpayers can typically check their status within 24 hours of e-filing or a few weeks after mailing a paper return. A different option is to set up an Individual Online Account, which can provide email notifications whenever there is an update concerning a taxpayer’s refund status.

The IRS continues to favor e-filing options for tax returns to reduce potential mathematical errors and speed up processing time. To use the “Where’s my refund?” tool, individuals need three pieces of information: their Social Security number or individual taxpayer identification number, filing status and the exact refund amount.

In addition to the online tools, taxpayers can check their refund through the IRS2Go mobile app by calling the IRS automated refund hotline at 800-829-1954.

Most refunds are issued within 21 days, especially when returns are filed electronically and request direct deposit. However, processing time may take longer if the return has errors, requires additional review or involves certain tax credits.

Form 990 Revisions Announced

On April 23, 2026, the Treasury Department announced that the Internal Revenue Service (IRS) plans to revise Form 990. The IRS revisions are focused on improving transparency, consistency and oversight of tax-exempt organizations.

Form 990 is the annual information reporting form required for tax-exempt organizations. The expected revisions are related to the sources and use of the funding within tax-exempt organizations.

“Public money and tax-exempt status demand public accountability,” said Treasury Secretary Scott Bessent. “We are ending the days of hiding fraud, abuse, and extremist activity behind complicated nonprofit arrangements. When bad actors misuse charitable structures, directors and officers should understand that transparency can lead to scrutiny, accountability, and liability under the law.”

The IRS will publish proposed regulations related to these changes to Form 990, which will allow a period for public comment. The public comment period will provide the opportunity for stakeholders to raise concerns before the IRS issues final regulations and any final Form 990 revisions are made permanent. 

Art Advisory Panel Reinstated

The Internal Revenue Service (IRS) Art Advisory Panel has been reinstated in 2026. The Panel represents an important tool in the valuation of artwork for federal tax purposes.

The Panel was originally established in 1968 and is composed of independent art experts from varying fields and backgrounds. The Panel advises the IRS on the fair market value of art reported for charitable contributions, estate taxes and gift taxes.

The Panel exists to provide objective, expert review in an area where valuations can vary widely and significantly impact tax outcomes. The Panel’s recommendations are purely advisory, but in 2023, the IRS accepted 63% in full of the Panel’s recommendations. 

The IRS announced on April 20, 2026, that the Panel is being reinstated for a 2-year period, which commences seven days following the IRS publication notice. The Panel generally meets twice a year. The last closed meeting for the Panel was set for January 13, 2026.

Applicable Federal Rate of 5.0% for May: Rev. Rul. 2026-9; 2026-19 IRB 1 (16 April 2026)

The IRS has announced the Applicable Federal Rate (AFR) for May of 2026. The AFR under Sec. 7520 for the month of May is 5.0%. The rates for April of 4.6% or March of 4.8% also may be used. The highest AFR is beneficial for charitable deductions of remainder interests. The lowest AFR is best for lead trusts and life estate reserved agreements. With a gift annuity, if the annuitant desires greater tax-free payments the lowest AFR is preferable. During 2026, pooled income funds in existence less than three tax years must use a 4.0% deemed rate of return. Charitable gift receipts should state, “No goods or services were provided in exchange for this gift and the nonprofit has exclusive legal control over the gift property.”