The Internal Revenue Service lost 31% of its auditors to buyouts and layoffs in 2025 tied to Elon Musk’s Department of Government Efficiency, which could hamper the agency's ability to go after tax cheats, according to an IRS watchdog report, but the agency continues to push out new policies.
While Congress authorized 529 plan to Roth conversions under the Secure 2.0 Act, the IRS has yet to issue further guidance answering key questions.
Industry officials anticipate that guidance may come out before year-end.
“It’s likely that we’ll see Treasury/IRS guidance on Trump Accounts very shortly," Mark Iwry, former senior advisor to the Treasury secretary and current nonresident senior fellow at the Brookings Institution, told ThinkAdvisor Wednesday. “Further guidance on emergency saving in the wake of Secure 2.0 may still be forthcoming at some point.”
Advisors should take note of the following six policies released by the agency this year.
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