AICPA Seeks IRS Guidance on Trump Accounts and Tax Provisions

Accounting group requests clarity on newborn savings program and other aspects of recent tax legislation

Published on Feb. 26, 2026

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The American Institute of CPAs has asked the Internal Revenue Service and Treasury Department for guidance on the Trump Accounts for newborns and other provisions of the One Big Beautiful Bill Act, including itemized deductions, estates, trusts, and gift tax reporting. The AICPA cited a need for a consistent and reliable framework to address operational and compliance challenges created by the lack of detailed guidance in these areas.

Why it matters

The Trump Accounts and other tax law changes introduced in the One Big Beautiful Bill Act represent significant new programs and requirements for individual taxpayers, estates, and trusts. Clear guidance from the IRS is crucial to ensure consistent implementation and compliance by accounting professionals and their clients.

The details

In a letter to the IRS and Treasury, the AICPA requested clarification on several aspects of the Trump Accounts and other tax provisions, including the gift and generation-skipping transfer tax treatment of account contributions, the ordering rules for returning excess contributions, the mechanics of the prioritized listing for opening accounts, Form 8879-TA usage, and the definition of eligible investment funds. The AICPA also sought guidance on the Section 68 limitation on itemized deductions for individual, estate, and trust taxpayers.

  • The AICPA sent the letter to the IRS and Treasury on Wednesday, February 26, 2026.

The players

American Institute of CPAs (AICPA)

The national professional organization of Certified Public Accountants in the United States, providing education, resources, advocacy, and setting ethical standards for the accounting profession.

Internal Revenue Service (IRS)

The federal agency responsible for administering and enforcing federal tax laws in the United States.

U.S. Department of the Treasury

The executive department and finance ministry of the federal government of the United States, responsible for promoting economic prosperity and ensuring the financial security of the country.

Eileen Sherr

Director of tax policy and advocacy for the AICPA.

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What they’re saying

“The lack of detailed guidance in these areas creates uncertainty as well as operational and compliance challenges. Our recommendations will help to create a consistent and reliable framework for income tax deductions and continued account management, reduce administrative burdens and protect beneficiaries.”

— Eileen Sherr, Director of tax policy and advocacy (AICPA)

What’s next

The IRS and Treasury Department are expected to review the AICPA's recommendations and provide updated guidance on the Trump Accounts and related tax provisions in the coming months.

The takeaway

The AICPA's request for clarity from the IRS and Treasury highlights the need for detailed guidance to help accounting professionals and taxpayers navigate the complex new tax laws and programs introduced in the One Big Beautiful Bill Act. Timely and comprehensive guidance will be crucial for ensuring consistent implementation and compliance.