The American Institute of CPAs (AICPA) has asked the US Department of the Treasury and the Internal Revenue Service (IRS) to clarify proposed regulations for Trump Accounts.
Trump Accounts are a new federal tax-deferred savings and investment programme designed for US children under the age of 18.
In a comment letter, the AICPA said more detail is required on rules governing contributions, distributions and investments. The letter also responded to specific requests for feedback on the draft regulations.
The AICPA urged Treasury and the IRS to clearly define what “available” means when determining whether an individual is authorised to open a Trump Account. It added that the term is unclear in assessing when someone on a lower-priority list would become eligible to make an election.
The organisation also recommended that Treasury and the IRS issue final regulations specifying that the default responsible party for a Trump Account should be the eligible child’s legal guardian.
AICPA Tax Policy & Advocacy senior manager Scott Klein said: “Clarifying the definition of ’available’ for purposes of a Trump Account election will provide certainty as to who is authorised to act. Without such clarification, individuals may be uncertain when they are permitted to make an election.
“In addition, designating the legal guardian or fiduciary as the default responsible party will ensure that account control rests with an individual legally responsible for the child’s well-being.
“The recommendations in this letter will provide much-needed clarity to taxpayers and practitioners and help to facilitate the administrability of these accounts.”
Last month, the AICPA submitted comments to the IRS setting out recommendations regarding the 2026–27 Priority Guidance Plan.
