Treasury and IRS Provide Gift Tax Reporting Safe Harbor for Contributions to 'Trump Accounts'

The Department of the Treasury and the Internal Revenue Service (IRS) issued Revenue Procedure 2026-25, establishing a gift tax reporting safe harbor for certain contributions to 'Trump accounts' created under the Working Families Tax Cuts. This relief aims to reduce the burden on individuals contributing to these accounts by exempting them from gift tax reporting requirements if specific conditions are met.