AICPA calls for simpler employer contribution rules for Trump Accounts

Employers are unlikely to be ready to implement Trump Account contribution programs this year because the proposed regulations are too burdensome to administer, the AICPA said in a recent letter that asked Treasury and the IRS to extend the implementation timeline.

The AICPA said the proposed rules would require extensive coordination among employers, employees, payroll providers, trustees and benefits administrators for account verification, contribution processing, reporting and nondiscrimination testing.

Regulations should allow 2026 contributions to be made through 2027, and they should consider a centralized system for account verification and contribution processing if no limit is placed on the number of trustees, the AICPA said. Read more.