Trump Accounts
Proposed Rules Issued for Employer Contributions to Trump Accounts
Employers weighing contributions to employees’ Trump Accounts now have proposed rules to work from.
Treasury and the IRS issued proposed regulations for employers that choose to contribute to Trump Accounts on behalf of employees or their dependents. The accounts are a new tax-advantaged savings vehicle for minors created under recent legislation; the proposed rules address how employer contributions work in practice.
Source: IRS Newsroom
Retirement
IRS Issues Standard Forms for Retirement Plan Rollovers
A new standard rollover form should mean fewer delays and rejected retirement plan rollovers.
As required under SECURE 2.0, the IRS released sample forms meant to simplify and standardize direct rollovers to and from retirement plans. Plan administrators and participants have dealt with inconsistent paperwork across providers for years; a standard form should mean fewer delays and rejected rollovers going forward.
Source: IRS Newsroom
Looking Ahead
Two Deadlines Converge Next Month: September 9 and September 15
Indiana’s amnesty deadline (Sept 9) and Q3 estimates (Sept 15) land the same week — get ahead of both now.
Mark the calendar — Indiana’s Tax Amnesty payment-plan enrollment deadline (September 9) and the federal third-quarter estimated tax deadline (September 15) land in the same week next month. If either applies to you, now is the time to pull the numbers together rather than scrambling in early September.
Source: Indiana DOR / IRS Newsroom