Trump Accounts Created by OBBBA: A Comprehensive Guide for Accounting and Finance Professionals
Overview
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Many clients are asking their advisors about Trump Accounts, one of the most anticipated yet misunderstood provisions of the One Big Beautiful Bill Act (OBBBA). This program will provide practitioners with the background to be able to advise their clients regarding how Trump Accounts operate. The course will also discuss the comparison between Trump Accounts and other accounts, such as 529 Plans and Roth IRAs. In addition, coverage will be provided on how the pilot program will function to give $1,000 to newborns.Highlights
- Establishing and administering a Trump Account
- Who can make contributions to a Trump Account
- Limits on contributions to a Trump Account
- Employer contributions to a Trump Account
- Participation in the pilot program
- What a Trump Account can invest in
- Basis tracking for after-tax contributions
- Taxation of distributions from a Trump Account
- Rolling a Trump Account into another account
- The potential advantages and disadvantages of having a Trump Account
- Opting out of a Trump Account
- Issues impacting a Trump Account, such as distribution, when the beneficiary turns 18
Prerequisites
None
Designed For
All accounting and finance practitioners
Objectives
- Expertly advise clients regarding the latest on Trump Accounts emanating from OBBBA
Preparation
None
Leader(s):
Leader Bios
John Kilroy
John Kilroy is a managing member of iValue Financial Planning LLC, located in the Philadelphia, Pennsylvania area. John engages clients in financial and tax planning, as well as preparing tax returns for individuals, corporations, partnerships, estates, and trusts. John is a CPA and a CFP® practitioner. He is a 1979 graduate of Villanova University with a BS in Accounting. John is a member of the Pennsylvania Institute of Certified Public Accountants and the Financial Planning Association (FPA). Within the FPA, John has served as a board member of the Philadelphia Tri-State chapter and on its education and finance committees. John is an adjunct faculty member for the Temple University Certificate of Financial Planning Program. He is a frequent speaker and facilitator on tax and financial planning topics. John has been quoted in the Wall Street Journal, MarketWatch.com, and USATODAY.com. He has written for the Journal of Financial Planning, and is a contributor to Retirement Weekly. John has also discussed financial and tax planning issues on various radio outlets.
Non-Member Price $140.00
Member Price $115.00