IRA, IRS, Washington Pulse

The Internal Revenue Service (IRS) has issued two coordinated proposed regulations that begin to define how Trump accounts will operate. One proposal addresses how Trump accounts are established for children under Internal Revenue Code Section (IRC Sec.) 530A, while a companion proposal explains how a limited group of accounts may receive a one time $1,000 federal pilot contribution authorized under IRC Sec. 6434. Together, the proposals outline the basic framework for creating Trump accounts and seeding certain accounts with an initial federal contribution, while reserving many substantive operational rules for future guidance.