IRS/Treasury proposed regs for OBBBA 'Trump Accounts' (Form 4547, $1k seed)
Key Questions
What are 'Trump Accounts' under the proposed IRS/Treasury regulations?
The proposed regulations from Treasury/IRS in March 2026 introduce Form 4547 for OBBBA 'Trump Accounts,' which include a $1,000 seed funding, contributions, matches, and strategies involving charities, DAFs, and nonprofits. These accounts are part of pilot programs outlined in Rev.Proc.2026-17 and Notice2026-24, offering relief such as CT $2200 and 1099-DA reporting.
What state corporate income tax changes occurred in Q1 2026?
States analyzed changes including DC conference, CA appointments, and GA ID decoupling from federal rules. These updates are detailed in RSM US's report on state corporate income tax law changes for the first quarter of 2026. Additional topics include PTET and SALT considerations.
Why are US MNCs considering domestications?
US multinational corporations are getting a fresh look at domestications due to TCJA, NCTI, and Sec. 367(b) implications, as discussed in Skadden’s analysis. This trend is driven by attractive US market factors for foreign companies.
What is the new Wisconsin CPA licensure law?
Wisconsin Governor Tony Evers signed a bill on April 3 establishing an additional pathway to CPA licensure, effective immediately. This reform provides more flexible licensing options for CPAs in the state.
How can one avoid IRS audits in 2026?
The 2026 IRS crackdown focuses on specific triggers like those outlined in videos on audit risks. Key advice includes proper reporting for estimated taxes, with relief for farmers allowing filing by March 1 without January penalties.
What are the main IRS audit triggers?
Common triggers include discrepancies in income reporting, large deductions, or crypto transactions without proper 1099-DA forms. Videos highlight seven immediate audit flags to watch for in 2026.
What relief is available for estimated taxes?
IRS provides penalty relief for farmers electing to file and pay by March 1, avoiding January 15 estimated tax payments. This is part of broader 2026 updates.
Are there challenges to new income taxes?
New income taxes face multiple legal challenges, including in Washington state suits and efforts by tech billionaires to block a 5% tax ahead of 2026 votes. CA wealth taxes are also in focus.
Treasury/IRS Mar 2026 regs pilot Form 4547 seeds/contribs/matches/$1k charity/DAF/nonprofit strats (RSM); Rev.Proc.2026-17/Notice2026-24 relief/CT $2200/1099-DA; 2026 audits; OBBBA/OB3A bonuses/SALT/PTET; state Q1 corp tax (DC conf/CA appt/GA ID decouple); US MNC domestications (TCJA/NCTI/Sec367b); WA tax suits/WI CPA/CA wealth. House bills advance.