• IRS Guidance on Trump Accounts

  The IRS issued Notice 2025-68, providing initial guidance on Trump Accounts.

• Disaster Relief

  The IRS and PBGC have issued disaster relief in response to various national disasters.

The Internal Revenue Service (IRS) issued Notice 2025-68 (the Notice), which provides guidance related to Trump accounts. Outlined below is a brief overview, highlights of the Notice, and how to submit comments to the IRS regarding Trump accounts.

Background

The One, Big, Beautiful, Bill Act (OBBB), signed into law on July 4, 2025, includes a statute creating a tax-advantaged children’s saving account referred to as Trump accounts. Defined as a type of traditional individual retirement account (IRA), Trump accounts are established for eligible individuals who have not attained age 18 before the close of the calendar year in which an election is made to establish such account.

A limit of $5,000 per child can be contributed annually to a Trump account, subject to cost-of-living adjustments. Upon election, children born between 2025-2028 will qualify for a one-time deposit of $1,000 from the federal government (referred to as a pilot program contribution). Other qualifying individuals can contribute until the child turns 18. Trump accounts are effective for taxable years beginning after December 31, 2025.

Notice Highlights

Notice 2025-68 provides initial guidance on Trump accounts. It includes questions that the Treasury Department and IRS intend to address with future proposed regulations. Below are highlights of the OBBB statute and Notice, including the guidance enabling an employer to contribute to Trump accounts.

• An authorized individual may elect to have a Trump account established for the benefit of an eligible individual by making the election on IRS Form 4547 or through an online tool or application on trumpaccounts.gov.
• Contributions to Trump accounts can include, but are not limited to, a pilot program contribution, contributions from parents, guardians, or other persons, and contributions from employers.
• Contributions to Trump accounts cannot be made before July 4, 2026.
• An employer can contribute to the Trump account of an employee or a dependent of an employee through a section 128 contribution.
• A Trump account contribution program may be offered by an employer via salary reduction under a section 125 cafeteria plan if the contribution is made to the Trump account of the employee’s dependent but not if the contribution is made to the Trump account of the employee.
  • Note that the Treasury Department and the IRS intend to address rules related to the coordination of Trump account contribution programs and section 125 cafeteria plans in proposed regulations.
• The Notice also covers restrictions on distributions from Trump accounts, methods in which funds can be rolled over within Trump accounts, permissible investments, tax reporting requirements, and other topics.

Comments

Comments are invited regarding the Notice and intended regulations, which can be submitted on or before February 20, 2026, using one of the following methods:

• Federal eRulemaking Portal at www.regulations.gov (type “IRS Notice 2025-68” in the search field on the www.regulations.gov home page to find the notice and to submit comments).

  By mail to: Internal Revenue Service, Attn: CC:PA:01:PR (Notice 2025-68), Room 5503, P.O. Box 7604, Ben Franklin Station, Washington, D.C. 20044

In response to various disaster events, the Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) extended certain deadlines for individuals and businesses impacted by such events.

Impacted Areas and Dates

Individuals who reside or have a business in any of the following areas may be eligible for certain deadline relief: 

Impacted Deadlines

Below is a partial list of retirement-impact tax filing and payment deadlines that may be extended:

• Retirement plan loan repayments may be temporarily paused under Internal Revenue Code section 72(p)(2)
• Required minimum distributions under Internal Revenue Code section 401(a)(9)
• The 10% additional income tax continues to not apply even if the following is missed during the relief period:
  • Substantially equal payments made over the participant’s life or joint lives of the participant and designated beneficiary
  • Deadline for using a distribution from an IRA for a first-time home purchase by the close of the 120th day after the distribution is received
• Prior tax year contribution deadlines for retirement plans
• Indirect rollover distribution deadlines
  • 60-day rollovers
  • Rollover of qualified loan offsets
• Refunds as a result of
  • Excess deferrals
  • ADP/ACP non-discrimination testing
  • Eligible automatic contribution arrangement (EACA) withdrawals
  • Excess IRA contributions
• Deadline for recontributing qualified reservist distributions
• Form 5500 and Form 8955-SSA filing
• Form 5948 for IRAs
• PBGC premium payments
• PBGC deadlines that are based on the Form 5500 deadline
• Single Employer Plan Termination Forms 500 and 501

Additional Resources

For any questions related to IRS deadlines and other disaster-related issues, the IRS has a toll-free number at 866-562-5227. For PBGC disaster-related questions, call 800-736-2444 ext. 4136.