Important Update: Launch of Trump Accounts and Tax-Advantaged Savings for Children

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The U.S. Department of the Treasury recently announced the launch of the “Trump Accounts: Official App,” which will serve as the primary platform for families to activate and manage these new tax-advantaged savings accounts. With the program set to go live on July 4, 2026, we are providing the following information to help you navigate the enrollment and election process for your children.

Account Overview and Eligibility

Trump Accounts provide a tax-advantaged savings opportunity for eligible children under the age of 18 at no cost to open. Notably, children born between January 1, 2025, and December 31, 2028, may receive a one-time $1,000 pilot program contribution from the U.S. Treasury once the account is established and the required election is made. Accounts can be created and funded starting July 4, 2026.

For Families Already Enrolled (Form 4547)

If you have already submitted IRS Form 4547 to elect a Trump Account for your child, activation emails will be sent in phases between now and July 4, 2026. Please look for an email from no-reply@TrumpAccounts.Treasury.gov, which will contain instructions to complete the setup process via the official mobile app or the Treasury website.

For Families Who Have Not Yet Signed Up

  • If your 2025 tax returns have not yet been filed: BMSS can include the Trump Account election form with your filing. If you wish to elect this option or have questions regarding your child’s eligibility, please contact your BMSS tax professional immediately.
  • If your 2025 tax returns have already been filed: We are unable to make the election on your behalf after the return has been processed. In this case, you must log in to your individual IRS.gov account to complete the process directly. The IRS estimates this process takes approximately 10 minutes. Additional details are available at https://www.irs.gov/trumpaccounts.

Tax and Financial Planning Considerations

As the Treasury continues to release guidance, we recommend reviewing all official resources before making personal contributions, as these may have gift tax implications. We encourage you to reach out to your BMSS tax professional to discuss how Trump Accounts integrate with your family’s broader tax and financial planning strategy.

About BMSS

BMSS Advisors & CPAs was established in 1991 with the vision of creating a CPA firm that would provide peace of mind for its clients while sustaining a healthy, happy culture for its employees. As this dream has been realized, BMSS has grown to become one of the Southeast’s top advisory and accounting firms, now with eight offices throughout Alabama and Mississippi.

The CPA firm specializes in several industries, including (but not limited to) manufacturing, wholesale distribution, construction, technology, nonprofit, and government contracting. In addition to tax planning, compliance and assurance services, the firm boasts a robust business advisory practice area which includes transaction advisory, valuation, client accounting solutions, and CFO advisory services. BMSS also specializes in state and local tax, estate planning and employee benefit plan audits.

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Consulting | Audit | Tax | Advisors | Accounting – BMSS Advisors & CPAs is a Certified Public Accounting firm serving businesses in Alabama (AL), Mississippi (MS) and the Southeast U.S. including Birmingham, Mobile, Gadsden, Huntsville, and Ridgeland. We serve the needs of businesses and their owners, including manufacturers, government contractors, healthcare organizations, oil and gas, and nonprofit organizations to name a few. We also assist with outsourced accounting, outsourced CFO, transaction advisory, service organization control (SOC) reports, employee benefit plan audits, and estate and trusts. For additional information contact us at 205-982-5500.