Individual Tax – Bregante+Company LLP

IRS Issues Initial Guidance on OBBBA’s Trump Accounts for U.S. Children

The IRS on December 3 published Notice 2025-68, providing the first guidance on the establishment and operation of “Trump accounts,” a new type of tax-deferred savings account created under the One Big Beautiful Bill Act (OBBBA) for U.S. citizens under age 18 who have a Social Security number.

What Are Trump Accounts?

Trump accounts are a new type of individual retirement account (IRA) for children who have not attained age 18 before the close of the calendar year in which the account is created. Starting July 4, 2026, Trump accounts may be established under new Internal Revenue Code Section 530A. No contributions are permitted before July 4, 2026. Amounts in a Trump account can be withdrawn for any reason starting January 1 of the calendar year in which the child attains age […]

By BCo Author|July 21st, 2026|Categories: Individual Tax, IRS|Comments Off

The Overlooked and Misunderstood

We are often asked for a list of tax ‘Do’s and Don’ts’ to help ensure that no tax planning opportunities nor implications are missed. In response, we have comprised a summary of items that are commonly overlooked or misunderstood when considering the various aspects of managing family wealth from a tax perspective. While the following is by no means a comprehensive nor complete list of compliance and planning opportunities, each topic listed here, should encourage further communication and planning within families and/or the family office.

Estate Planning & Trust Administration

Procrastination. Contemplating death and discussing how to distribute assets is not really a conversation starter, so many individuals decide to do it “someday.” For some individuals that someday never arrives, and the state in which they live decides how their […]

By BCo Tax Committee|November 21st, 2023|Categories: Individual Tax|Comments Off

Inflation Reduction Act of 2022: Clean Vehicle Energy Credit

With the recent passing of the Inflation Reduction Act, you can reap the benefit of a $7,500 tax credit on purchasing a new electric vehicle. The new law also includes guidance on purchasing used electric vehicles, which are eligible for a credit for the lesser of $4,000 or 30% of the sales price. To qualify for this credit, there are adjusted gross income limitations as below.

Single – $150,000

Married filing joint – $300,000

Head of household – $225,000

To be eligible under the Inflation Reduction Act, the qualifying vehicle must be purchased after August 16, 2022. Visit this link to see if your new vehicle is eligible – https://afdc.energy.gov/laws/inflation-reduction-act. If you were in a binding contract to purchase a qualifying clean vehicle and did not take possession of the vehicle until after […]

By Mike Ruiz Murillo|October 4th, 2022|Categories: BCo Community News, Individual Tax, IRS|Comments Off

Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes

The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now familiar calls for increasing the top corporate tax rate to 28% and the top individual rate to 39.6%.

Among the new proposals, the minimum tax on high-net-worth individuals has garnered considerable press attention.

These proposals, as well as others that have not been closely scrutinized, are described in more detail below.

Corporate Tax Proposals

Raise Corporate Income Tax Rate to 28%

C corporations, unlike an S corporation, the […]

By BCo Tax Committee|August 2nd, 2022|Categories: Announcements, Business Tax, Individual Tax, IRS, Trusts and Estates|Comments Off

Dual Residency and Double Taxation Dilemma for Remote Workers

2020 brought into focus residency rules for remote workers, who ended up staying in “temporary” locations, like vacation homes, for longer than expected. The following article provides an analysis of situations where individuals may become residents of two states simultaneously and potentially subject to dual taxation.

For more information click here.

By Tonia Wasley|June 22nd, 2021|Categories: Individual Tax|Comments Off