Tax

Pennsylvania Tax Update Newsletter and Filing Information

The Pennsylvania Department of Revenue publishes its Tax Update Newsletter and tax filing information portal, providing links to myPATH online filing system, Property Tax/Rent Rebate program (online filing available January 15), and the Working Pennsylvanians Tax Credit (up to $805 for eligible filers from the 2025-26 state budget). Recent news releases cover outreach efforts, February 2026 tax collections, and a new Fast File initiative for eligible Pennsylvania filers.

Pennsylvania February 2026 Tax Collections Report

The Pennsylvania Department of Revenue published its February 2026 tax collections newsletter, featuring links to recent agency news releases including outreach for the Working Pennsylvanians Tax Credit (up to $805 available under the 2025-26 budget), free filing support for the Property Tax/Rent Rebate Program and Working Pennsylvanians Tax Credit at senior and community centers, and a new Fast File initiative for eligible PA tax filers. The newsletter also provides standard links to filing tools, tax forms, customer service, and social media channels.

California FTB Tax News Flashes and Updates 2023-2026

The California Franchise Tax Board published a compilation of tax news flashes spanning 2023-2026 covering multiple tax topics including corrections to penalty amounts, updates to form instructions, disaster tax relief for Los Angeles and San Diego County fires, amendments to market-based sourcing rules, and a legal ruling on Deferred Intercompany Stock Account treatment. Key items include a corrected Individual Shared Responsibility penalty amount of $475 per dependent child (March 2026), updated Schedule P form instructions for tax year 2025 (February 2026), and emergency tax relief for LA County fire victims extending filing deadlines to October 15, 2025.

Texas 9-1-1 Emergency Fee and Surcharge Guide

The Texas Comptroller of Public Accounts publishes guidance on three 9-1-1 emergency communications charges: a 50-cent monthly fee per local exchange access line, a 50-cent monthly wireless emergency service fee, and a 1% equalization surcharge on intrastate long-distance charges. Service providers responsible for collecting these charges must file monthly reports using prescribed forms (54-100, 54-101, 54-102, 54-103) regardless of whether fees are due. Late remittance penalties range from 5% to 10% of net fees or surcharges, with interest accruing after 61 days.

Contesting Disagreed Audits and Refund Denials (Texas Taxpayer Rights)

The Texas Comptroller of Public Accounts has published a guide (Publication 96-1253, dated February 2026) explaining how taxpayers may contest disagreed audit findings, examinations, and refund denials. The publication outlines four informal pre-billing options: speaking with the auditor's supervisor, requesting a reconciliation conference, seeking taxability guidance from the Tax Policy Division, and requesting an Independent Audit Review Conference (IARC). Key limitations are noted: an IARC is unavailable when records are not provided, when Tax Policy has already issued a written determination on the disputed issue, or when the audit is already in the redetermination process. The document also reproduces the Texas Taxpayer Bill of Rights, confirming rights to fair treatment, privacy, and understanding of taxes paid.

Texas Comptroller Routine Tax Audit Procedures Guide

The Texas Comptroller of Public Accounts published a guide explaining routine tax audit procedures applicable to taxpayers subject to state tax examinations. The document outlines the audit process including notification, questionnaire submission within 30 days, managed audit request procedures with 60-day submission windows, record examination requirements, and fieldwork timelines. Auditors must contact taxpayers within 30 days of assignment, and taxpayers who fail to provide records within 30 days of a written request face estimation of liability or denial of refunds.

Texas Sales Tax Exemption Registration for Agriculture and Timber Operations

Effective January 1, 2012, purchasers claiming sales tax exemptions on items for agricultural or timber production must provide retailers with a Texas Agriculture and Timber Registration Number (Ag/Timber Number) on new exemption certificates. Retailers must obtain Form 01-924 (agriculture) or Form 01-925 (timber) with the valid Ag/Timber Number from customers making exempt purchases. Ag/Timber Numbers must be renewed every four years and may be verified online through the Comptroller's system, though verification is not required for acceptance of a properly completed certificate.

IRS: Agency Information Collection Activities Comment Request

The Internal Revenue Service (IRS) has published a notice requesting public comment on its application to adopt, change, or retain a tax year information collection activity. The comment period is open for 62 days, closing on May 18, 2026.

IRS Comment Request on Average Area Purchase Price Safe Harbors

The IRS has issued a notice requesting public comment on information collection activities related to average area purchase price safe harbors and nationwide purchase prices under Section 143. The comment period is open for 62 days.

IRS Electronic Tax Administration Advisory Committee Public Meeting Announced

The Internal Revenue Service (IRS) has announced a public meeting for the Electronic Tax Administration Advisory Committee. The meeting is scheduled for March 25, 2026, and will cover topics related to electronic tax administration.

IRS: Comment Request on Enrollment and Actuarial Services Regulations

The Internal Revenue Service (IRS) is requesting public comments on proposed regulations concerning the application for enrollment, renewal of enrollment, and actuarial services under ERISA. The comment period is open for 62 days, closing on May 18, 2026.

Analysis of Van Hollen and Booker Tax Cut Plans

The Tax Foundation published an analysis of two Senate tax proposals: Senator Van Hollen's Working Americans' Tax Cut Act (WATCA), which would create a 'maximum tax' exemption of $46,000 for single filers and $92,000 for joint filers, financed by a surtax of 5–12 percent on income above $1–5 million, costing $86 billion in revenue over 10 years; and Senator Booker's Keep Your Pay Act, which would more than double the standard deduction to $37,500/$75,000, triple the EITC for childless workers, expand the child tax credit, and raise the top two income tax brackets from 35 and 37 percent to 41 and 43 percent, costing up to $6.7 trillion in conventional revenue over 10 years. Van Hollen's plan would give middle-quintile taxpayers a 3.9 percent after-tax income boost and the top 1 percent a 9.7 percent decrease; Booker's plan would give the bottom quintile an 11.4 percent boost and the top 1 percent a over 2 percent decrease. The Tax Foundation projects both plans would reduce long-run GDP while increasing the federal deficit.

State Property Tax Analysis and Data by County

The Tax Foundation published comprehensive county-level property tax data for 2024, covering median housing values, median property taxes paid, and effective property tax rates across all U.S. counties. The analysis highlights that in fiscal year 2023, property taxes comprised 28.9 percent of total state and local tax collections, making it the largest single source of tax revenue, though levied almost exclusively at the local level. The data enables comparison of tax burdens across counties and states, with effective rates ranging from under 0.20% to over 1.0% depending on jurisdiction.

Choose Right Software for Pillar 2 Top-up Taxes

HMRC published guidance on 16 March 2026 directing large multinational corporate groups subject to Pillar 2 to use commercial software for submitting Domestic Top-up Tax and Multinational Top-up Tax filings. The guidance names KPMG and PWC as software providers who have gained production credentials from HMRC, while clarifying that HMRC does not recommend or endorse any specific product. Affected groups with accounting periods beginning on or after 31 December 2023 must use compatible commercial software to submit UK tax returns, Overseas Return Notifications, and Below Threshold Notifications.

Tariff Notice 4: Ballot Box Partition Classification Under CN Code 7616 99 90

HMRC published Tariff Notice 4 providing classification guidance for unassembled ballot box partition products comprising aluminium alloy profiles and plastic fasteners. A new regulation (Reg. 2025/2290) entered into force on 12 December 2025, 20 days after publication. The product is classified under Combined Nomenclature code 7616 99 90 as other articles of aluminium, excluded from headings 7604 (aluminium profiles) and 9403 (furniture). This guidance applies to the UK and does not represent a change in Northern Ireland practice.

Publishing Tax Adviser Misconduct Details From April 2026

From 1 April 2026, HMRC can publish information about tax advisers who have been given a sanction for misconduct, where it is in the public interest to do so. Details that may be published include the adviser's name, aliases, postcodes, and the nature of the decision made against them. HMRC will provide at least 30 days' notice before publishing, giving affected advisers and their employers an opportunity to respond. Published information must be removed if the sanction is withdrawn, if the adviser ceases practising for at least five years, or if publication is no longer in the public interest.

HMRC Guidance: Voluntary National Insurance Rules Change for Time Abroad from April 2026

From 6 April 2026, individuals living or working abroad can no longer pay voluntary Class 2 National Insurance contributions for time abroad — only Class 3 contributions will be available. New applicants after 5 April 2026 must have either 10 years of continuous UK residency or 10 years of qualifying National Insurance contributions to apply. Individuals who already applied for voluntary contributions in the 2024-25 or 2025-26 tax year on or before 5 April 2026 and pay by 5 April 2027 may continue under the current 3-year rule if they apply for Class 3 by 5 April 2027.

HMRC Stronger Action Against Tax Advisers With Sanctionable Conduct

From 1 April 2026, HMRC gains enhanced powers to sanction tax advisers who deliberately contribute to non-compliance causing or intended to cause a tax loss. HMRC can issue file access notices, require working papers, and impose penalties of up to £3,000 per inaccuracy found in those papers. Tax advisers who do not provide requested papers face a £300 initial penalty followed by daily penalties of up to £60, rising to £1,000 in serious cases. Conduct notices will be issued where sanctionable conduct is found, with penalties based on potential lost revenue ranging from up to 70% of PLR (maximum £1 million) for a first penalty, up to 85% (maximum £5 million) for 2–5 penalties, and up to 100% with no cap for 6 or more. Advisers charged more than £7,500 will have their details published on GOV.UK.

Voluntary National Insurance Contributions Abroad From 6 April 2026

HMRC has published a policy paper detailing changes to voluntary National Insurance contribution rules for periods abroad, effective 6 April 2026. The measure abolishes voluntary Class 2 National Insurance contributions for individuals working or living outside the UK, and modifies the requirements for paying voluntary Class 3 National Insurance contributions for periods abroad. Individuals currently making voluntary contributions to preserve UK state pension entitlement should review the updated requirements before the April 2026 effective date.

Proposed Rule on Tax-Exempt Refunding Bonds Guidance

The IRS has issued proposed regulations to update arbitrage rules for tax-exempt and tax-advantaged bonds. The proposal clarifies refunding overpayments, transferred proceeds, allocation limitations, defeasance notices, guarantee funds, and definitions of tax-exempt bonds and refunding issues. The proposed regulations affect issuers of tax-advantaged bonds.

Proposed IRS Rule on Trump Accounts

The IRS has issued proposed regulations concerning the establishment and administration of 'Trump accounts,' a new type of individual retirement account authorized by recent legislation. The proposed rules provide guidance on making elections to open these accounts and reserve further sections for additional guidance. The comment deadline for these proposed regulations is May 8, 2026.

IRS Proposed Rule: Digital Asset Broker Electronic Statements

The IRS has issued a notice of proposed rulemaking concerning digital asset brokers. The proposal offers an alternative method for brokers to obtain customer consent for electronic delivery of tax statements related to digital asset transactions, without requiring a paper alternative.

IRS proposes removing partnership basis adjustment regulations

The IRS has proposed removing regulations that identified certain partnership related-party basis adjustment transactions as transactions of interest. This proposed rule would affect participants in these transactions and their material advisors. Comments are due by April 6, 2026.

IRS Proposes Trump Accounts Contribution Pilot Program

The IRS has issued a Notice of Proposed Rulemaking concerning a new Trump accounts contribution pilot program. The program would allow eligible children born between 2025 and 2028 to receive a one-time $1,000 contribution to their Trump account. The proposed regulations provide guidance on making the election for this contribution.

Guidance on Tax-Exempt Refunding Bonds

The Internal Revenue Service has issued proposed guidance concerning tax-exempt refunding bonds. This document is open for public comment through Regulations.gov, allowing interested parties to submit their input on the proposed regulations.

IRS Denies Tax Exemption Under IRC Section 501(c)(3)

The IRS has issued a final adverse determination denying tax-exempt status under IRC Section 501(c)(3) to a family heritage organization that filed Form 1023-EZ. The organization, formed to honor the legacy of named individuals through family reunions, cemetery restoration, and scholarships, was found to operate primarily for private family benefit rather than charitable purposes. The proposed adverse determination became final when the organization failed to file a protest within the required 30 days. Donors to this organization cannot deduct contributions under IRC Section 170.

IRS Final Adverse Determination for 501(c)(6) Tax Exemption

The IRS issued a final adverse determination denying tax-exempt status under IRC Section 501(c)(6) to an organization that operated a district business website and events for member businesses. The IRS determined the organization engaged in 'particular services' for individual members (maintaining profiles, posting events and sales for each business, helping businesses with online operations) rather than improving business conditions generally as required by 501(c)(6). The organization must now file federal income tax returns within 30 days of the determination. IRS cited Rev. Rul. 68-264, Rev. Rul. 64-315, and Rev. Rul. 73-411 as supporting precedent.

IRS Determination on FPA Issuance and NAP Mailing Rules

The IRS has issued a determination regarding the issuance of FPA (presumably related to tax forms or filings) and rules for NAP (likely a mailing process). This guidance clarifies specific procedural requirements for taxpayers and the agency.

IRS Denies Federal Tax Exemption Under IRC 501(c)(3) to Farmers Market Organization

The IRS issued a final adverse determination denying tax-exempt status under IRC 501(c)(3) to an organization that operates a farmers market. The denial resulted from the organization failing the operational test because over half of its board members are vendors that participate in the market, creating a private benefit concern in violation of Treas. Reg. Section 1.501(c)(3)-1(d)(1)(ii). The proposed adverse determination was not protested within the 30-day window, making this determination final. Donors can no longer deduct contributions to this organization under IRC Section 170.

IRS Grants Substitute Mortality Table Approval for Pension Plans Group A Through 2030

The IRS granted a request to use substitute mortality tables for pension Plans 1 and 2 (Group A - Non-Union Plans) under IRC Section 430 and ERISA Section 303(h)(3), effective for up to 5 plan years beginning January 1, 2026. The approval covers male and female combined annuitants and non-annuitants excluding disabled participants. This replaces the prior approval for these plans, which was effective January 1, 2025 and expires December 31, 2029. The new ruling was necessitated by amendments to Treasury Regulation Section 1.430(h)(3)-2 published July 31, 2024. Plans 3 and 4 (Group B - Union Plans) will be addressed in a separate ruling letter.

IRS Approves Private Foundation Educational Grant Procedures Under IRC Section 4945(g)(3)

The IRS issued a written determination on December 19, 2025, approving a private foundation's educational grant procedures under IRC Section 4945(g)(3). The approval confirms that expenditures made under these approved procedures will not constitute taxable expenditures under IRC Section 4945(d)(3). The foundation plans to award grants of approximately $d (average $e) to up to F individuals annually to support attendance at educational convenings, conferences, and meetings related to its initiative, covering transportation, lodging, food, and convening-related expenses.

IRS Denies 501(c)(19) Tax Exemption to Veterans Organization

The IRS issued a final adverse determination denying tax-exempt status under IRC Section 501(c)(19) to a veterans organization that failed to meet statutory membership requirements. The organization had only 'b percent' of war veterans in its membership, falling short of the required 75% threshold under Treasury Regulation Section 1.501(c)(19)-1(b)(1). The proposed adverse determination was sent with a 30-day protest period, and since no protest was filed, the determination became final on December 18, 2025.

IRS Approves Set-Aside for Supporting Organization Fire Training Facility

The IRS approved a set-aside request from a supporting organization (a 501(c)(3) tax-exempt non-functionally integrated Type III supporting organization under IRC Section 509(a)(3)) to raise and set aside construction funds for a firefighting training facility for its supported organization. The total estimated project cost is u dollars, with v dollars expected from public donations. Construction is expected to begin in D and be completed in E. The approved set-aside must be disbursed within 60 months of the initial set-aside per Treas. Reg. Section 1.509(a)-4(i)(6)(v).

IRS Approves Scholarship Procedures Under IRC Section 4945(g)(1)

The IRS issued an advance approval determination (Release No. 202611019) under UIL 4945.04-04, concluding that a private foundation's scholarship program procedures satisfy the advance approval requirement of IRC Section 4945(g)(1), making expenditures under those procedures non-taxable. The approved scholarship program provides last-dollar grants to graduating high school seniors pursuing post-secondary education, renewable annually for up to three additional years for a total of four years of eligibility.

IRS Grants 120-Day Portability Election Extension Under Section 301.9100-3

The IRS Chief Counsel's Office has issued a Private Letter Ruling granting an estate's request for an extension of time under Treas. Reg. § 301.9100-3 to make a portability election under IRC § 2010(c)(5)(A). The estate requested relief after failing to timely file an estate tax return (Form 706) to elect portability, which would allow the surviving spouse to claim the deceased spousal unused exclusion (DSUE) amount. Based on representations that the gross estate value does not require a mandatory estate tax return filing under IRC § 6018(a), the IRS concluded that the requirements of §§ 301.9100-1 and 301.9100-3 were satisfied and granted an extension of 120 days from the date of the letter to make the portability election. The election must be made by filing a complete and properly prepared Form 706 and a copy of the letter with the IRS in Kansas City, Missouri.

IRS Denies 501(c)(3) Exemption to Mutual Benefit Water Company

The IRS issued a final adverse determination denying tax-exempt status under IRC Section 501(c)(3) to a mutual benefit water company after the organization failed to protest the proposed adverse determination within 30 days. The IRS found the organization failed both the organizational test and operational test because its articles limited purposes to distributing water to members at cost plus expenses rather than serving a public interest, and its activities primarily benefited shareholders through cost-plus pricing rather than advancing exempt purposes. As a result, the organization must file federal income tax forms within 30 days and donors cannot deduct contributions under IRC Section 170.

IRS Denies Tax-Exempt Status Under IRC 501(c)(3) to Class Reunion Organization

The IRS issued a final adverse determination denying tax-exempt status under IRC Section 501(c)(3) to an organization that arranges high school class reunions and provides scholarships for deceased classmates' family members. The IRS found the organization failed to demonstrate it met the organizational and operational tests for exemption as described in Treasury Regulation Section 1.501(c)(3)-1(a)(1). Because no protest was filed within the required 30 days of the proposed adverse determination dated October 29, 2025, the denial is now final. Donors to this organization generally cannot deduct contributions under IRC Section 170.

IRS Grants 60-Day Extension to File Form 8996 for Qualified Opportunity Fund Self-Certification

The IRS granted a limited liability company (classified as a partnership for federal income tax purposes) an extension of 60 days from the date of the letter ruling to file Form 8996 to self-certify as a Qualified Opportunity Fund (QOF) under section 1400Z-2 of the Internal Revenue Code. The taxpayer missed the original filing deadline because its accountant failed to advise it to file a partnership return with Form 8996. The IRS found the taxpayer acted reasonably and in good faith under § 301.9100-3, relying on professional tax advice, and that granting relief would not prejudice the government's interests because aggregate tax liability is not lower than if the election had been timely made. The ruling explicitly does not extend the deadline for filing Form 1065.

IRS Grants Substitute Mortality Tables for Union Pension Plans

The IRS Tax Exempt and Government Entities Division has granted a request to use substitute mortality tables under IRC § 430(h)(3) for Group B (Plans 3 and 4, an aggregated group of union plans). The approval is effective for up to 5 plan years beginning January 1, 2026, covering male and female annuitants and non-annuitants other than disabled individuals. A separate ruling will address Group A (Plans 1 and 2, non-union plans). The prior substitute mortality table approval for Group B, effective from January 1, 2025, expires on December 31, 2029.

IRS Grants 120-Day Extension for Entity Classification Election Under Section 301.9100-3

The IRS Associate Chief Counsel (Passthroughs, Trusts and Estates) has granted a private letter ruling extending by 120 days the time for a foreign entity (Company) to file Form 8832 to elect disregarded entity status for federal tax purposes, effective Date 2. The taxpayer represented that it acted reasonably and in good faith and that granting relief would not prejudice the interests of the government. The ruling is contingent upon Company and its owner filing all required federal income tax and information returns within 120 days of December 15, 2025, with a copy of this letter attached to any such returns.

IRS Internal Revenue Bulletin 2026-12: Form 941 Substitute Specifications and Section 987 Guidance

The IRS published Internal Revenue Bulletin 2026-12 on March 16, 2026, featuring two items: Revenue Procedure 2026-11 provides updated general rules and specifications for substitute Form 941, Schedule B, Schedule D, Schedule R, and Form 8974, superseding Rev. Proc. 2024-11; and Notice 2026-17 announces Treasury and IRS intent to issue proposed regulations under section 987, including an equity and basis pool method election for qualified business units and a controlled foreign corporation foreign currency gain/loss election. The bulletin serves as the authoritative instrument for announcing official IRS rulings and procedures.

Trump Tariffs Cost $1,000 Per US Household in 2025, $600 in 2026

The Tax Foundation published research estimating that Trump tariffs cost an average of $1,000 per US household in 2025 and will cost an additional $600 per household from new tariffs imposed in 2026. Customs duty revenue rose from $79 billion in 2024 to $264 billion in 2025. The research estimates that remaining Section 232 and Section 122 tariffs will raise $662 billion in revenue from 2026–2035, while reducing long-run US GDP by 0.2 percent before foreign retaliation. The trade deficit fell by only $2.1 billion in 2025, despite stated goals of reducing it through tariffs. The average effective tariff rate was 7.7 percent in 2025—the highest since 1947.

Simplifying and Improving Construction Industry Scheme Administration

HMRC has published measures to simplify Construction Industry Scheme administration, effective 6 April 2026. The changes exempt payments made to local authorities or public bodies from CIS scope and require construction contractors to file a nil return when they have not paid any subcontractors in a given month, unless they have notified HMRC in advance that no such payments will be made. Construction contractors who engage subcontractors or work with public sector clients should review their CIS filing procedures ahead of the April 2026 effective date.

Tax Foundation Experts Analyze AI Taxation Impact on Labor Markets

The Tax Foundation published a podcast episode featuring Senior Policy Analyst Alex Muresianu discussing artificial intelligence taxation proposals and their effects on labor markets. The discussion examines proposals from Senators Sanders and Kelly, analyzes why certain AI tax policies may backfire, and explores alternative reforms such as worker retraining deductions and consumption-based taxation approaches.

New Mexico SB 151 Decouples from Federal Full Expensing

New Mexico SB 151 would decouple from federal 100 percent bonus depreciation under IRC Section 168(k) and new Section 168(n), eliminating immediate expensing for machinery, equipment, and qualified production property at the state level. The bill would also conform to IRC Section 951A, adding Net CFC Tested Income (NCTI) to New Mexico's corporate tax base, creating potential double taxation without foreign tax credit relief for multinational corporations operating in the state.

Europe Capital Gains Tax Rates 2026

The Tax Foundation published 2026 data on top marginal capital gains tax rates for 31 European countries, compiled from Bloomberg Tax Country Guides and PwC Worldwide Tax Summaries. The data shows Denmark levies the highest rate at 42 percent, followed by Norway at 37.8 percent and the Netherlands at 36 percent, while nine countries including Cyprus, Czech Republic, Georgia, Greece, Luxembourg, Malta, Slovakia, Slovenia, Switzerland, and Turkey levy 0 percent. The average European capital gains tax rate stands at 16.7 percent.

Delaware Governor Meyer Proposes Tobacco Tax Increases

Governor Meyer's Delaware budget proposal would increase the cigarette tax by more than 70 percent from $2.10 to $3.60 per pack, double the vapor products tax to $0.10 per milliliter, raise moist snuff taxes from $0.92 to $1.23 per ounce, and increase OTP tax rates from 30 to 40 percent of wholesale price. The Tax Foundation analysis estimates these changes would generate approximately $18.9 million in new state revenue and examines the regressive impact of tobacco taxes on lower-income households.

Colorado HB26-1221 Would Tax Phantom Income

Colorado House Bill 26-1221 would modify two state tax provisions to generate additional revenue by taxing income that does not represent actual economic gain. The bill proposes eliminating the alternative minimum tax (AMT) credit that prevents double taxation of timing differences arising from accelerated depreciation and incentive stock options (ISOs), effectively converting the AMT into a permanent surtax on paper gains. Separately, the bill would limit net operating loss (NOL) carryforwards from 20 years to 10 years and cap the annual deduction at 70 percent of taxable income, preventing businesses from fully offsetting losses against future profits.

Proposed Regulations on Electronic 1099-DA Statements for Digital Asset Brokers

The Treasury Department and IRS have issued proposed regulations creating an optional alternative process for digital asset brokers to obtain customer consent for electronic delivery of Form 1099-DA statements, removing the requirement to offer paper copies and allow consent withdrawal. Brokers following this alternative must meet enhanced electronic notice and delivery requirements and ensure customers have continuing access to their statements. Comments on the proposed rules are being accepted, with the new optional process available for statements furnished on or after January 1, 2027. The Treasury and IRS also issued Notice 2026-4 requesting comments on electronic furnishing of 1099-B and other payee statements.

Treasury, IRS Issue Proposed Regulations for Trump Accounts Contribution Pilot Program

The Department of the Treasury and Internal Revenue Service issued proposed regulations providing guidance on the Trump Accounts Contribution Pilot Program established under the Working Families Tax Cuts Act enacted July 4, 2025. The program would make one-time $1,000 contributions from Treasury to Trump Accounts—a new category of traditional individual retirement accounts—for eligible children whose parents or guardians file elections. Comments on the proposed regulations will be accepted via the Federal Register docket.