Resources

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 (IRS) has released the 2025 tax year Publication 4810, Specifications for Electronic Filing of Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits. The purpose of this publication is to provide specifications for electronically filing Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits. This publication must be used to prepare current and prior year Form 8955 SSAs. Retirement plan sponsors use this form to notify the Social Security Administration (SSA) if a former employee has vested benefits remaining in the plan.

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 has issued Notice 2026-33, to provide guidance on qualified long-term care distributions for long-term care insurance premiums pursuant to Section 334 of SECURE 2.0. Congress made the option available for these special retirement plan distributions after December 29, 2025.

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.

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

The Internal Revenue Service has issued Notice 2026- 31, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.