Sec. 530A accounts (also known as “Trump Accounts”) offer a new way to save for children’s futures — including through employer contributions. But in a recent letter to the IRS and Dept. of the Treasury, the American Institute of CPAs (AICPA) said employers are unlikely to be ready to implement Sec. 530A contribution programs this year because the proposed regulations are too burdensome to administer. The AICPA is requesting, among other things, that 2026 contributions be allowed through 2027, compliance procedures be simplified, and a centralized system handle account verification and contribution processing if the number of trustees isn’t limited. Stay tuned for any developments.
