A 530A account (Trump Account) is a new type of individual investment account designed specifically for children to begin a retirement fund. Trump Accounts are one among many options for retirement savings that low-income families may wish to take advantage of. Understanding what these accounts are and how they work will help Community Action Agencies (CAAs) educate and support clients who may benefit from opening them.

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Increased Threshold for Reporting Certain 1099 Payments

Increased Threshold for Reporting Certain 1099 Payments

The One Big Beautiful Bill Act increased the threshold for reporting certain payments made by a CAA to non-employees under the tax code. Starting January 1, 2026, CAAs are only required to issue a Form 1099-NEC or Form 1099-MISC to a single payee if the total payments in a...

Increased Threshold for Reporting Certain 1099 Payments

Internal Revenue Service Article Archive

The Internal Revenue Service (IRS) is the federal agency responsible for interpreting and enforcing the tax code, including the provisions related to tax-exempt status. To assist the public with understanding complicated tax laws, the IRS releases various written...