Think your family missed out because your child wasn’t born in 2025? Not necessarily. One of the biggest misconceptions surrounding Trump Accounts is that they are only for newborns. While the $1,000 federal seed contribution is limited to children born between January 1, 2025, and December 31, 2028, any eligible U.S. child under age 18 with a valid Social Security number can have a Trump Account established on their behalf.
The new Trump Account is a tax-deferred investment account designed to help children begin building wealth at an early age. Although much of the attention has focused on the federal seed contribution, many families are overlooking the fact that older children can participate as well. For parents and grandparents looking for another way to save for a child’s future, understanding how these accounts work is key.
Opening an account is relatively straightforward. A parent, legal guardian, or other authorized individual establishes the initial account by filing IRS Form 4547, either electronically through an IRS Online Account or by paper filing. After the election is processed, the account is activated through the Treasury’s Trump Accounts platform. Once established, contributions can come from multiple sources, including parents, grandparents, relatives, friends, and even employers. Generally, contributions are limited to $5,000 per child annually, regardless of the number of contributors. The $1,000 Treasury seed contribution for eligible newborns does not count toward the $5,000 annual contribution limit.
Investment options are intentionally simple. Funds must generally be invested in low-cost mutual funds or ETFs that track an index primarily composed of U.S. companies, such as an S&P 500 index fund or a similar broad-market fund. Unlike traditional brokerage accounts, Trump Accounts do not permit investing in individual stocks, cryptocurrency, or other more speculative investments. The goal is to encourage long-term growth through diversified investing while keeping costs low.
Families should also understand that these accounts are designed for long-term saving. Withdrawals generally are not permitted before age 18 except in limited circumstances. After the child reaches age 18, the account generally follows tax rules similar to those applicable to traditional IRAs. Distributions may be taken for purposes such as higher education expenses, a first-time home purchase, or other uses permitted under the applicable rules. Distributions that do not meet the applicable requirements may be subject to ordinary income tax and an additional 10% tax.
There are several important planning considerations to keep in mind. Contributions are made with after-tax dollars and do not provide a current-year tax deduction. In addition, qualifying employer contributions of up to $2,500 per year count toward the child’s annual $5,000 contribution limit, so families should coordinate contributions throughout the year to avoid exceeding the cap. Guidance is still developing regarding how Trump Accounts may affect eligibility for need-based financial aid, making it important for families with college-bound children to monitor future guidance.
For many families, a Trump Account may serve as a useful complement to other planning tools such as 529 plans, Roth IRAs, and traditional investment accounts. Whether it is the best choice will depend on a family’s objectives, anticipated education expenses, and the child’s earned income. The potential for tax-deferred growth, combined with the possibility of a government-funded contribution for eligible newborns, makes it an attractive option worth considering. As with any financial strategy, understanding the rules upfront can help families maximize the benefits while avoiding unexpected taxes or penalties down the road.
The rules governing Trump Accounts are still evolving, and additional IRS and Treasury guidance may be issued. Families should consult their tax advisor regarding their specific circumstances.
If you have questions about how Trump Accounts may fit into your family’s broader tax and financial planning strategy, contact your emc advisor to discuss the options available to you.
Summer Tax Planning: How the New Tax Bill Impacts Your Charitable Giving in 2026With the April 15 filing deadline behind us and the second half of the year underway, now is a great time to start looking ahead to your 2026 taxes. As we transition into the fall, many taxpayers begin looking for opportunities to reduce their tax liability before the year ends.
Charitable giving is one of the most common ways taxpayers support the causes they care about while potentially reducing their taxable income. While donating to a good cause is always a great idea, the tax benefits associated with your generosity are shifting. Thanks to the sweeping “One Big Beautiful Bill” passed on July 4, 2025, charitable giving rules will look a little different starting in 2026.
Here is what you need to know about the new tax landscape and how to optimize your charitable impact.
Historically, you could only write off charitable donations if you itemized your deductions. For the vast majority of taxpayers who take the standard deduction, giving to charity didn’t offer any direct, additional tax relief.
The new legislation introduces a highly positive change: an “above-the-line” charitable deduction available even if you take the standard deduction. Taxpayers can now deduct up to $2,000 if married filing jointly (or $1,000 if filing single). This provides an added incentive for everyday giving, and this specific benefit is currently slated to run through 2028.
While non-itemizers get a boost, there is a slight drawback for those who do itemize their deductions. Under the new rules, your total deductible charitable donations will be reduced by 0.5% of your Adjusted Gross Income (AGI).
How It Works in Practice: Let’s say your AGI is $200,000, and you make $15,000 in charitable donations over the course of the year. Your deduction will be reduced by $1,000 ($200,000 x 0.5%). This means you will only receive a tax benefit for $14,000 of your giving, rather than the full $15,000.
Unlike the non-itemizer benefit, this limitation does not expire. Because of this, taxpayers may want to strategically “stack” or “bunch” their donations into a single tax year rather than spreading them out annually to minimize the negative impact of the AGI reduction.
Tax Planning Tip: Donor Advised Funds (DAFs) are an excellent tool for this strategy. A DAF allows you to make a large, tax-deductible contribution in one year (maximizing your available deduction), while granting you the flexibility to distribute those funds to your favorite charities gradually over several years.
For high-income earners, there is an additional limitation to keep in mind. If you are in the top 37% tax bracket, the One Big Beautiful Bill further limits the tax benefits of your giving by capping the deduction value at 35%.
For example, a taxpayer in the 37% bracket who makes $10,000 in charitable donations will now only realize $3,500 in tax savings, rather than the $3,700 they would have received under the 2025 rules.
While it wasn’t changed by the recent bill, it’s always worth reminding taxpayers over age 70 ½ about the significant tax advantages of Qualified Charitable Distributions (QCDs).
If you meet the age requirement, you can donate directly from your IRA to an eligible charity. This allows eligible taxpayers to exclude the donated amount from taxable income while still taking the full standard deduction. For 2026, the maximum QCD limit is $111,000 for a single taxpayer and $222,000 for a married couple.
This is an especially powerful strategy for retirees who are subject to Required Minimum Distributions (RMDs) but want to keep their recognized income lower to avoid higher tax brackets or Medicare premium surcharges.
While a tax break should never be the sole reason you give to charity, it is always helpful to understand how your generosity impacts your financial picture.
If you are concerned about your future tax liabilities and want to explore how strategic donations can strengthen your 2026 tax planning strategy, we are here to help. Reach out to emc today to discuss strategies that support both your financial goals and the causes you care about.
Important IRS Update Impacting Your 2026 Tax ReturnOn July 13, 2026, the IRS issued Internal Revenue Bulletin 2026-29, announcing updated standard mileage rates effective July 1, 2026. The revised rates affect business, medical, charitable, and certain military moving mileage deductions for the remainder of 2026. (more…)
2025 Year-End Tax Update: Key Changes and Planning OpportunitiesAt emc CPAs, we take a proactive, customized approach to helping you make informed tax decisions. To support that effort, we’re pleased to share our 2025 Year-End Tax Update, which covers key topics to keep in mind as you plan ahead, including:
With ongoing tax law changes and developments, there’s a lot to consider this year. This update is designed to provide helpful, high-level insights—but personalized guidance from a trusted advisor is always essential.
Our team looks forward to working with you to review your specific situation and help you move forward with clarity and confidence. If you have questions or would like to discuss how these updates may impact you, we’re here to help.
Download our 2025 Year-End Tax Update here.
emc CPAs and Bertz, Hess & Co., LLP Announce Merger, Expanding Services and Expertise Across Central PennsylvaniaEffective November 16, 2025, Bertz, Hess & Co., LLP, a respected Lancaster-based firm with an 80-year legacy, joined emc CPAs, a dynamic and growth-oriented firm based in York, marking an exciting new chapter for both organizations.
The combined firms will operate under the emc CPAs name, uniting two organizations with deeply shared values, a commitment to exceptional client service, and a strong dedication to their communities. This merger expands the geographic footprint of emc CPAs, with offices now in both York and Lancaster, and strengthens the firm’s collective expertise across a wide range of industries and service areas.
Founded in 2019, emc CPAs has quickly established itself as a solutions-oriented firm known for its enthusiasm, dedication, customized approach, and specialized knowledge in the manufacturing, architectural/engineering (A/E), construction, and real estate industries. Bertz, Hess & Co., LLP, founded in 1945, has built a legacy of trust and personalized attention, contributing to the growth and success of Lancaster County’s business community for generations.
This integration combines emc CPAs’ modern advisory and valuation services with Bertz, Hess & Co., LLP’s extensive experience in accounting, audit, tax, and advisory services. Clients of both firms will now have access to a broader range of services and a larger team of dedicated professionals.
“We’ve always aimed to build a firm that leaves a lasting positive impression, cultivates long-term relationships, and contributes meaningfully to our community,” said Kevin Eisenhart, Managing Partner of emc CPAs. “Bertz, Hess & Co., LLP shares our passion for client success and community involvement. Bringing together their depth of experience and our energetic, solutions-oriented approach positions us to deliver innovative and customized services at an even higher level. This partnership opens new doors for clients and team members to grow and succeed.”
Thomas Wobber and Laura Bender, formerly Partners at Bertz, Hess & Co., LLP, have joined emc CPAs as Partners. They will continue serving clients from the Lancaster office, which remains in its current location and now operates under the emc CPAs name.
“Since 1945, our firm has built its reputation on the value of relationships and providing the close, personal attention our clients deserve,” said Wobber. “In emc CPAs, we found a partner that not only respects that legacy but also shares our commitment to integrity and quality. This partnership allows us to build upon our 80-year history by expanding our service offerings and leveraging emc CPAs’ dynamic resources. We are excited to bring our teams together and continue providing our clients with the trusted guidance they’ve always relied on, now with even greater depth and capability.”
“Our teams share the same focus on people—our clients, our communities, and our staff,” added Bender. “Joining emc CPAs gives us the opportunity to continue offering the personal service our clients have always valued, while also providing expanded resources, fresh perspectives, and new opportunities for growth. We’re excited to move forward together and continue building on the strong relationships that have always defined our firm.”
With the merger now effective, all team members from Bertz, Hess & Co., LLP have joined the emc CPAs family and will continue serving clients from the Lancaster office under the emc CPAs name.
As we embark on this next chapter, we are excited about the opportunities this partnership creates to serve you with an even broader range of expertise and resources. We deeply appreciate your continued trust in emc CPAs and look forward to supporting your goals, strengthening our relationships, and helping you succeed for many years to come.
If you have any questions, please don’t hesitate to reach out to your primary contact at emc CPAs.
Central Penn Business Journal Announces 2025 Forty Under 40Central Penn Business Journal has selected Dan Boyle, Partner in Audit Services at emc CPAs LLC, as a 2025 Forty Under 40 honoree.
Forty Under 40 awards recognize the future leaders of Central Pennsylvania, under the age of 40, who are achieving success in their careers and giving back in meaningful ways to the community. Honorees were selected by a panel of previous recipients and the Central Penn Business Journal leadership team based on professional accomplishments and community service. A listing of winners is below.
“The 2025 Forty Under 40 honorees are high-achieving young professionals who give back to the community in exceptional ways. They have demonstrated significant career success but also know that making a difference in the lives of others is essential,” said Suzanne Fischer-Huettner, managing director of BridgeTower Media/Central Penn Business Journal. “They are the next generation of leaders in Central Pennsylvania, and we are pleased to recognize their accomplishments.”
The honorees will be recognized Oct. 27 at a celebration at the Hilton Harrisburg, One North Second Street. The evening begins at 4:30 p.m. with networking, food stations and drinks. The awards celebration starts at 5:30 p.m. followed by a dessert reception, drinks and additional networking opportunities. The event hashtag is #CPBJevents.
Attendance is limited, with sponsors receiving priority access.
There are various sponsorship levels available, which include the right to use the event logo, multimedia marketing, a table to share with co-workers and guests at the event, and much more. If seats are available after the sponsorship deadline, a limited number of individual tickets will go on sale. Tables are only available with sponsorship. To secure a sponsorship to ensure you and your guests can celebrate together, contact Suzanne Fischer-Huettner at shuettner@bridgetowermedia.com.
Winners will be profiled in a magazine that will be inserted into the Nov. 7 issue of the Central Penn Business Journal and will be available online at CPBJ.com.
The Presenting Sponsor is Members 1st Federal Credit Union. The Honoree Reception Sponsor is Lehman Volvo Cars. For more information and the most updated listing of sponsors, visit CPBJ.com/event/forty-under-40/.
Central Penn Business Journal is the leading source of business news and information in Central Pennsylvania for the past 41 years. In addition to breaking news on its multimedia news site at CPBJ.com, it also publishes a biweekly print edition. Central Penn Business Journal publishes various special focus sections on topics such as real estate and construction and mergers and acquisitions in addition to the yearly Book of Lists. It also hosts nine annual events, including Women of Influence, Fastest Growing Companies and Best Places to Work in PA, to recognize excellence and provide leadership opportunities. In addition, Central Penn Business Journal facilitates webinars bringing local experts from the business community together to discuss current topics and trends. Its Digital Marketing Solutions helps customers with social media, search engine marketing and optimization, retargeting, email marketing and more. Central Penn Business Journal and its sister publication, Lehigh Valley Business, are part of BridgeTower Media, the authoritative voice for insights and marketing solutions across 40+ brands in five key sectors across the United States.
Michael Andrews, RKL, LLP
Jon Anzur, PA Chamber of Business and Industry
Abigail Kerr Aungst, KPMG LLP
Mark W. Banks, Boyer & Ritter LLC
Tiffany Bender, Trout CPA
Justin Bloom, Millennium Circuits Limited
Brad Bolen, Pavone Group
Dan Boyle, emc CPAs LLC
Matthew Brennan, Fulton Bank
Vinny Cannizzaro, Pennsylvania Economy League
Sean Duffy, Conrad Siegel
Corey J. Dupree, BBBS of South-Central PA
Shaun Eng, M&T Bank
Brad A. Fisher, Royal Square Development & Construction, Inc.
Cody Matthew Gehman, Stonebridge Financial Group LLC
Ryan Christopher Givens, Saxton & Stump
Laura Keeney, WellSpan York Hospital
Brigid Landy Khuri, McNees Wallace & Nurick
Nick Khuri, Graham Packaging
Willem Creed Kiefer, Bench Mark Program
Kaleb Koons, Spooky Nook Sports
Audrey Landis, Simon Lever
Michael T. Lohss, Jr., Regal, Inc. Plumbing, Heating & A/C
Kate Martin, Morgan Stanley
Greg Mitstifer, UPMC
Jared Mizrahi, MizAuctions, LLC dba PCI Auctions East Coast
Jessica Marie Moser, Holla Spirits
Kevin C. Myhre, Barley Snyder
Laura Cathleen O’Grady, United Way of York County
Kevin M. Ortenzio, Select Asset Management & Trust
Delia Pabon, Creative Catalyst Consulting
Ryan James Polakoff, Nexterus
John “J.” M. Quain, Barley Snyder
Christopher J. Reed, The Rutter’s Companies
Braxton Joe Sponsler, Mountain Ridge Metals
Wen Tan, Highmark
Marisa Tokarsky, Deloitte
Seth Weeber, The Wankawala Organization
Carleigh Williams, Mainline Excavating, Inc.
Carly Ann Legg Wood, York College of PA
The IRS has just announced that paper tax refund checks for individual taxpayers will be phased out beginning September 30, 2025. This move is part of a broader federal initiative to modernize payments. After this date, refunds will be delivered electronically—primarily via direct deposit—though limited exceptions may apply for taxpayers without access to traditional banking. Meanwhile, the IRS has suspended the mandatory electronic payment requirement for payments made to the IRS.
The IRS will issue additional guidance on refunds and payments for 2025 tax returns before the 2026 filing season begins.
We are monitoring this story closely and will keep you updated as new information becomes available. If you have questions or concerns about this transition, please contact your emc advisor.
New Federal Electronic Payment Mandate Effective September 30, 2025Big changes are coming to how U.S. taxpayers pay and receive federal tax funds. On March 25, 2025, Executive Order 14247 directed a transition of nearly all federal government financial transactions—particularly those managed by the IRS—from paper-based methods to electronic funds transfer (EFT). This applies to both federal tax payments to the IRS and IRS tax refunds.
More information: https://www.irs.gov/payments
Failure to comply may result in penalties, fines, or rejection of the payment.
Non‑electronic payments may be allowed in the following situations:
This federal mandate does not change state tax payment rules. However, Pennsylvania already requires electronic payments above certain thresholds for 2025:
The goals include improving payment efficiency, reducing costs, minimizing fraud risk, and providing faster confirmation that payments were received—eliminating the uncertainty and delays associated with mailing checks.
If you have questions or would like help selecting and setting up a payment method, please contact your emc advisor to create a transition plan.
Annual Report Deadline Approaching for Pennsylvania LLCsOn November 3, 2022, Governor Tom Wolf signed Act 122 of 2022 into law, establishing a new annual reporting requirement for business entities operating in Pennsylvania. This new law, effective in 2025, brings Pennsylvania in line with most other states by requiring both domestic and foreign business associations to file annual reports with the Pennsylvania Department of State.
Entities subject to the new requirement include Pennsylvania limited liability companies (LLCs), limited partnerships (LPs), business corporations, professional associations, business trusts, nonprofit corporations, and other domestic association types, as well as all registered foreign associations.
The first annual report deadline for domestic and foreign LLCs registered in Pennsylvania is September 30, 2025. This marks the first year that this requirement is in effect.
Other filing deadlines are as follows:
Newly formed or registered associations must file their first annual report in the calendar year following formation or registration.
Each annual report must include:
The filing fee for submitting an annual report is $7 for LLCs, LPs, and business corporations. Nonprofit corporations and other entities organized for not-for-profit purposes are exempt from the fee.
The Pennsylvania Department of State will issue reminders approximately two months before the filing deadline to the registered office address. It is critical that associations keep their information up to date with the Department to ensure timely delivery of these notices. However, failure to receive a notice does not relieve an entity of the filing obligation.
Beginning with reports due in 2027, failure to file within six months of the deadline will result in:
Reinstatement or reregistration will remain available, but a name change may be required if the original name has been claimed by another entity.
As your tax advisors, emc would like to clarify that the filing of these annual reports is not included in our tax preparation and filing services. Because this filing is a legal compliance matter, we recommend consulting with your corporate legal counsel or another qualified professional to ensure your business meets the new requirements.
For more information and to access the filing portal, please visit the Pennsylvania Department of State’s official page: Annual Reports | Department of State
Major Federal Tax Legislation Update: What It Means for YouOn July 4, 2025, the One Big Beautiful Bill was signed into law. With perhaps the most sweeping and widespread legislative tax impact since the Tax Cuts and Jobs Act (TCJA) in 2017, this law will impact individuals and businesses for years to come. emc has been monitoring the progress of this bill as its traveled through Congress, reviewing the final legislative language in detail, and we’re providing the following summary to keep you informed of the most impactful changes.
Tax Rates & Standard Deduction
SALT Cap Relief
Child & Dependent Credits
Qualified Business Income (QBI) Deduction
Temporary Exclusions for Tips and Overtime
Estate and Gift Tax Exemption
Mortgage & Personal Deductions
“Trump Accounts” for Children
Charitable & Education Provisions
Bonus Depreciation & Section 179 Expensing
Qualified Production Property
R&D Expensing Restored
Interest Deduction Rule Change (Section 163(j))
Paid Leave & Childcare Incentives
Qualified Small Business Stock
Excess Business Loss Limitation
Opportunity Zones & New Markets Tax Credit
Rollback of Clean Energy Credits
Significant rollbacks have been enacted, reducing or eliminating credits for:
Some clean fuel production credits (e.g., Section 45Z) will continue, but with new limitations based on foreign component sourcing or ownership.
We recognize that these changes may raise questions or prompt a need to revisit your current tax strategy. Our team at emc is here to help you understand how these updates apply to your specific situation and identify opportunities for tax savings or planning.
Please don’t hesitate to reach out with any questions or to schedule a time to discuss your individual or business needs in more detail.