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My parent, who has dementia, recently moved into an assisted living facility that does not allow pets. I am thinking...
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The Treasury Department and the Internal Revenue Service (IRS) recently issued guidance regarding the new child IRA accounts, also known as "Trump Accounts." In Revenue Procedure 2026-25, the IRS created a gift tax reporting safe harbor that eliminates a significant administrative concern surrounding contributions to these accounts. According to the guidance, qualifying contributions by individuals to these accounts will not require the filing of a federal gift tax return, provided certain conditions are satisfied. This guidance is intended to reduce compliance burdens on parents, grandparents and others who wish to contribute to a child's account. “By granting this relief, the IRS has responded to concerns raised by taxpayers who planned to make contributions to a Trump account but worried such donations would trigger the gift tax reporting rules,” said IRS Chief Executive Officer Frank J. Bisignano. “The relief granted will reduce the potential burden placed on friends and family who want to put money into a Trump account.” The uncertainty arose because contributions to Trump Accounts could have potentially been characterized as gifts of...
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Bill: "Every year I pay income tax. And when I pass away my estate will owe tax. But I was absolutely stunned today...
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• Nike Reports Quarterly Results
• Treasury Yields Mixed
• Mortgage Rates Decline Slightly