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Treasury Secretary Scott Bessent and First Lady Melania Trump unveiled a new policy initiative designed to “strengthen financial security and opportunity for young Americans in foster care”. According to the press release, a child welfare agency of a state, territorial, or tribal government that is the legal guardian of an eligible child who has a Social Security number and does not already have an account may elect to open an initial Trump Account for that child.

The Internal Revenue Service has issued Revenue Procedure 2026-24, providing inflation-adjusted amounts for Health Savings Accounts (HSAs) for calendar year 2027. Maximum annual HSA contributions will rise from $4,400 to $4,500 for those with self-only insurance coverage, and from $8,750 to $9,000 for those with family coverage.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on May 29 for certain storms.

The Treasury Department has announced the launch of the Trump Accounts mobile app. The mobile app will be the main interface for families with Trump accounts and is available on all major mobile app stores.

The Internal Revenue Service (IRS) has issued Notice 2026-32, titled “Alternative Method for Carrying Broker-Dealers to Comply with Certain Nonbank Trustee Rules”. The Notice prescribes that a broker-dealer that carries customer accounts and receives or holds funds or securities for those customers (a carrying broker-dealer) may, in lieu of satisfying the net worth requirement for nonbank trustees under Treasury regulations, demonstrate satisfaction under the SEC Net Capital Rule (15c3-1) and SEC Customer Protection Rule (15c3-3). The trustee of an IRA must be a bank as defined in Internal Revenue Code Section 408(n) or someone as a nonbank trustee who satisfactorily demonstrates to the Secretary that the trust will be administered consistent with requirements imposed by Treasury regulations.

Philadelphia voters have approved a ballot measure that is expected to establish the nation's first city-run auto-IRA program. Mayor Cherelle Parker signed bills into law on January 20, 2026, to establish the Philadelphia Retirement Savings Program known as PhillySaves—but the legislation required a separate ballot measure to create the Philadelphia Retirement Savings Board to oversee the program.

The Internal Revenue Service has issued Revenue Ruling 2026-11 which contains the applicable federal rates (AFR) for June 2026.

A bill signed into law by Oklahoma Governor Kevin Stitt would provide an additional Trump account contribution for Oklahoma kids. The Oklahoma Dream Accounts Investment Program Act authorizes the State Treasurer to make a one-time $250 contribution into a Trump account of each eligible Oklahoma child, once a family applies and the account is verified.

The Internal Revenue Service has posted a draft 2026 tax year Form 8889, Health Savings Accounts (HSAs). Taxpayers file Form 8889 to report HSA contributions and associated tax deductions, HSA distributions, and any tax or penalty tax owed for distributions not used for qualified medical expenses.