The IRS and Treasury Department are planning to propose rules that address antidiscrimination testing for employers related to the new savings vehicle the GOP calls Trump accounts.
Guardians of American babies born over the next several years have to option open a new investment account that’ll come with a $1,000 initial contribution from the federal government.
The accounts are subject to antidiscrimination rules similar to dependent care programs, which are meant to prevent discrimination in favor of highly compensated employees and can limit employer participation. Employers can contribute up to $2,500 annually to the accounts.
- The IRS has received several ...