In the blogs: Let's all go to the lobby
OZ 1.0 Zone; governed AI; tax fraud cases; and other highlights from our favorite tax bloggers.
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Trump accounts risk missing low-income families buying in
The Trump administration is touting its tax-advantaged investment accounts for those under 18, but critics say the accounts may only reach those who are already set in life. Processing Content Parents can contribute up to $5,000 annually to what Republicans have dubbed Trump accounts and children born between 2025 and 2028 receive a $1,000 federal…
IRS seeks examples of incorrect CP53E notices
The IRS believes it did not send any CP53E notices erroneously and is seeking the AICPA’s help in uncovering any examples of taxpayers who should not have received one, an AICPA tax leader said last week. The notices, which seek bank account information for people who are due refunds, created an uproar from those who…
Can ideas be the engine of growth?
DANIEL SUSSKIND: Growth doesn’t come from the material world of things that we can see and touch, but it comes from the intangible, invisible world of ideas. MATTHEW DUFFEY: Nobody can predict what’s going to happen in the next decade, but I think the one thing that we can all agree on is doing what you’ve…
IRS offers gift tax safe harbor for contributions to Trump accounts
The IRS on Monday issued Rev. Proc. 2026-25, which provides a gift tax reporting safe harbor for individual donors who make one or more contributions to Trump accounts under Sec. 530A and satisfy certain conditions. If the conditions are met, contributions will be treated as completed gifts that are not future interests in property and…
US military announces death of another service member, blaming ‘controlled detonation’ of Iran drone
The United States announced another death of a service member as it launched more airstrikes at Iran on Sunday in response to the killing of U.S. troops, and Iran fired missiles toward Jordan that risked widening the conflict into neighboring Israel. Step by step, the U.S. and Iran have returned closer to all-out war as last month’s interim deal meant…
Pentair brings back CFO as interim finance chief
Dive Brief: Water treatment firm Pentair has taken on board its former finance chief Bob Fishman on an interim basis following the abrupt resignation of his successor, Nicholas Brazis, after just five months in the role, according to a Tuesday press release and securities filing. Brazis, who succeeded Fishman in the top finance seat in March,…
