Boyle Tax & Accounting, Inc.

12/15/2025

12/05/2025

Initial guidance on Trump accounts released (12-02-25)

New guidance regarding Trump accounts, which were enacted by the One Big, Beautiful Bill Act (OBBBA), has been issued by the IRS. (IRS Notice 2025-68) These accounts are essentially traditional IRA-type accounts established for U.S. citizen children under the age of 18. However, there are different rules as to what and how much can be contributed, and most distributions are prohibited until the year the child turns 18.

The guidance includes information concerning how the accounts are established, how contributions are made, when distributions are allowed, and reporting requirements.

Establishing the account

An initial account for an eligible child can only be established by the Treasury Department after an authorized individual (e.g., legal guardian, parent, etc., referred to as the “responsible party”) makes an election to do so.

The election to establish a Trump account will be made on IRS Form 4547, Trump Account Election(s) (yet to be released), or through an online tool or application. Form 4547 can be filed with a taxpayer’s 2025 tax return. The online tool/application will be available sometime in mid-2026. Remember that accounts cannot begin to take contributions until July 4, 2026.

The account can be established at the time the responsible party makes an election to accept the $1,000 pilot program contribution or at any time prior to the calendar year in which the child turns 18. Pilot program contributions are available only to children born in 2025 through 2028 and can only be claimed if elected by the taxpayer claiming the child as a dependent.

The initial Trump account will be held in one or more financial institutions to be chosen by the Treasury Department. Once a Trump account is established, the responsible party may make a qualified rollover contribution into another Trump account maintained by a bank or other qualified nonbank authorized to maintain IRA accounts (e.g., Fidelity, Vanguard, etc.). The entire account must be rolled over. Partial rollovers are not allowed. This means only one Trump account can be funded for an individual at any time.

10/03/2025

https://www.kiplinger.com/taxes/irs-paper-checks-deadline-what-happens-after-september-30

Avoid delays when IRS tax refunds and Social Security paper checks are cut off. Here’s what to know.

04/04/2025

President Trump mandates electronic payments for taxes (04-04-25)

In an executive order, President Trump directed the U.S. Treasury Secretary to develop a plan over the next 180 days to phase out the use of paper checks. This would apply to both the IRS’s payments of tax refunds as well as taxpayers’ tax payments to the IRS.

According to the White House fact sheet accompanying the executive order’s release, effective September 30, 2025, the IRS will cease issuing paper check tax refunds. However, it is unclear when the mandate that all tax payments be made to the IRS electronically would go into effect. We will have to await further guidance from the IRS and the U.S. Department of Treasury as to when and how the electronic tax payment mandate will be implemented.

The executive order does authorize exceptions from the mandate in certain circumstances, such as when individuals do not have access to banking services or electronic payment services, or for certain emergency payments where electronic disbursement would cause undue hardship. The order also authorizes the Treasury Secretary to identify other circumstances in which exceptions would be allowed.

02/07/2025

Mandatory beneficial ownership reporting may soon be back in play (02-06-25):

On February 5, 2026, the Department of Justice (DOJ) filed an appeal with the Fifth Circuit Court of Appeals of the U.S. district court’s preliminary injunction in Smith v. U.S. Department of the Treasury, which blocked the enforcement of the beneficial ownership information (BOI) reporting requirement. (Smith et. al. v. U.S. Department of Treasury, et al. (January 7, 2025) U.S. Dist. Ct., E. Dist. of Texas, Case No. 6:24-cv-0036)

The DOJ asked that the injunction be put on hold while the appeal proceeds. Although it is not guaranteed, given that the U.S. Supreme Court reversed the Fifth Circuit’s reinstatement of the preliminary injunction in the Texas Top Cop Shop decision (McHenry v. Texas Top Cop Shop, Inc. (January 23, 2025) U.S. Supreme Court, Case No. 24A653), it is likely that the Fifth Circuit will grant the DOJ’s request for a stay of the injunction. This means the beneficial ownership reporting mandate may be reinstated shortly.

In an alert posted today, FinCEN stated that if the injunction is lifted by the Fifth Circuit, it will extend the filing deadlines for all reporting companies by 30 days. FinCEN also stated that during this 30-day period it “will assess its options to modify further deadlines or reporting requirements for lower-risk entities, including many U.S. small businesses, while prioritizing reporting for those entities that pose the most significant national security risks.”

However, while the Smith court’s injunction remains in place, businesses are not currently required to file any initial reports or any updates or corrections, although they may do so voluntarily.

01/24/2025

https://www.kiplinger.com/taxes/hurdles-for-trumps-tax-bill

While the odds for new tax legislation this year are quite good, there are some sticking points that President Trump and Congress will have to work through.

01/17/2025

Property tax deadlines postponed for Los Angeles County wildfire victims (01-16-25):

As a result of an executive order issued by Governor Newsom yesterday, taxpayers in the following zip codes may postpone their property tax payments and business personal property tax statement filings until April 10, 2026, without being subject to penalties and interest:

90019 90265 91001 91107
90041 90272 91040 93535
90049 90290 91104 93536
90066 90402 91106

However, the postponement relief does not apply to payments made through an impound account nor to any taxes on the property that were delinquent as of January 6, 2025.

In addition to the relief provided in the executive order, taxpayers may also seek relief from the Los Angeles County Assessor’s office to have damaged or destroyed property reassessed. Taxpayers may also seek further suspension of penalties and interest for up to four years by submitting a penalty cancellation request form with the Los Angeles County Treasurer and Tax Collector.

01/03/2025

https://www.kiplinger.com/taxes/capital-gains-tax/602224/capital-gains-tax-rates

The tax rate for a capital gain depends on the type of asset, your taxable income, and how long you held the property sold. Here's more to know.

12/24/2024

Beneficial ownership reporting requirements reinstated (12-24-24):

On December 23, 2025, the Fifth Circuit Court of Appeals stayed the lower court’s preliminary injunction against the beneficial ownership information reporting mandate. (FinCEN Alert) This means that the BOI reporting mandate will remain in effect while the lower court trial proceeds. However, FinCEN has announced a short delay in the deadlines for most businesses. The extended reporting deadlines are now as follows:

• Reporting companies that were created or registered prior to January 1, 2024, have until January 13, 2025, to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025);

• Reporting companies created or registered on or after September 4, 2024, that had a filing deadline between December 3, 2024, and December 23, 2024, have until January 13, 2025, to file their initial beneficial ownership information reports with FinCEN; and

• Reporting companies created or registered in the United States on or after December 3, 2024, and on or before December 23, 2024, have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.

The deadline for those businesses formed after 2024 remains 30 days from the time of formation.

12/20/2024

https://www.kiplinger.com/taxes/naughty-list-holiday-tax-scams

The IRS says scammers are on the prowl for your financial information. Know the signs so you don't fall victim.

12/20/2024

Warmest thoughts and best wishes for a wonderful holiday and very happy new year.