Imperial Financial Services

The average individual tax refund was up nearly 11% in the first 10 business days of the 2026 filing season, rising to $2,290 from $2,065 last year.

On Nov. 25, 2025, President Donald Trump signed the IRS Math and Taxpayer Help Act (H.R. 998) into law, a bipartisan effort that strengthens taxpayer rights and improves transparency in IRS communications. The new law, led by Ways and Means members Randy Feenstra and Brad Schneider, requires the IRS to clearly show its math when it makes changes to a taxpayer’s return.

For years, millions of math error notices have gone out with little to no explanation, leaving taxpayers confused and often unaware that they had only 60 days to challenge the adjustment. Under the new requirements, the IRS must provide a straightforward description of the error and an itemized computation showing the exact calculation behind any changes. This added clarity gives taxpayers a fair chance to respond and provides practitioners with the details they need to advocate effectively.

Trump Accounts created under OBBBA will function as a new, IRA-like account for minors (not a traditional IRA at the outset), established for eligible individuals under age 18 when the account is opened. Contributions can be made by the child’s parents/guardians and other individuals, employers under certain plans, and potentially other entities, as guidance is finalized. During the growth period, funds can be invested only in eligible mutual funds or exchange-traded funds (ETFs) (subject to further IRS/Treasury guidance on which funds qualify), and distributions are generally not permitted until the child turns 18. At that point, the account transitions to a standard traditional IRA and follows regular IRA rules moving forward.

The annual contribution limit for a Trump Account is its own annual limit under the Trump Account rules, giving families an additional planning opportunity. The Treasury Department will also launch a pilot program that provides a one-time $1,000 contribution for qualifying children born in years 2025 through 2028. The election to establish a Trump Account for calendar year 2026 may be made on IRS Form 4547, Trump Account Election(s), (once the final version is released) at any time, including at the same time that the 2025 income tax return is filed, or through the online tool or application. The online tool or application used to make the elections is expected to be available on trumpaccounts.gov in the middle of 2026.

Additionally, the IRS has requested comments on several key issues, including who may establish an account, investment requirements, trustee qualifications and the coordination of contributions from multiple sources. Tax professionals working with families may want to start evaluating how Trump Accounts fit into long-term savings and retirement strategies for minor children.

Do you know how much you should have in your savings account? Here’s a few tips.

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