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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...
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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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