Illustration of a Trump Account gift tax safe harbor — a small treasury vault on IRS forms with a paper gift-tag airplane

Trump Account Gift Tax Safe Harbor (Rev. Proc. 2026-25)

BySW Accounting admin 07/09/202607/09/2026

Do I have to file a gift tax return for money I put in a Trump Account? In most cases, no. Under IRS Rev. Proc. 2026-25, the Trump Account gift tax safe harbor treats qualifying cash contributions as current-interest gifts within the $19,000 annual exclusion, so most families skip Form 709 entirely. The launch of…

Illustration of generation-skipping transfer tax and the ILIT trap — IRC section 2632 automatic allocation rules, Crummey powers, and GST exemption inclusion ratio

Accounting | Tax

GST Tax and the ILIT Trap: Automatic Allocation Pitfalls

BySW Accounting admin 06/04/202606/04/2026

What is the generation-skipping transfer (GST) tax, and why do ILITs so often get it wrong? The GST tax (Internal Revenue Code Chapter 13) is a flat 40% tax imposed — on top of gift or estate tax — on transfers that “skip” a generation, such as gifts to grandchildren or to a dynasty trust….