🧐 Small Print Alert: Don’t Miss Out on New OBBB Accounts and Benefits

Aug 1

There’s a lot of excitement around the One Big Beautiful Bill (OBBB)—from Trump Accounts to expanded child care credits and enhanced Opportunity Zones. But here’s what isn’t making headlines: Many of these new perks aren’t automatic. You have to “opt in,” file paperwork, or meet special reporting rules—or you could leave thousands on the table.

Let’s walk through what that fine print really means for you and your business.

🍌 1. Trump Accounts for Kids: The Opt-In Trap

Not automatic: Employers (including SMB owners who employ family) must establish and offer Trump Accounts as part of their benefit plan.
You need a plan document: Just like a 401(k), you’ll need to create a formal plan, notify eligible employees, and file paperwork.
Annual opt-in required: Employees/parents must affirmatively elect to contribute each year—miss the window, and you miss the benefit.
Bonus for newborns: The $1,000 government seed match also requires timely application—don’t wait until tax time!
Reporting: You’ll need to track and report contributions and matches on W-2s and plan filings.

🍼 2. Child Care Credits & Dependent Care Accounts: Paperwork Matters

Dependent Care Assistance Plans (DCAPs) & IRC §45F credits need plan documents in place before benefits are provided.
Employers must notify employees (including your spouse, if on payroll!) of their eligibility and terms.
Reporting: DCAPs and child care credits require extra forms with your return.
Miss the reporting, miss the credit—even if you paid for care!

🏙 3. Opportunity Zones: Certification and Elections

Not a default: To claim Opportunity Zone (OZ) benefits, you must invest through a Qualified Opportunity Fund (QOF)—which requires IRS Form 8996 and annual reporting.
Certification needed: Starting your own QOF? You must self-certify and file on time, or your investment may not qualify.
5-year, 10-year, and 30-year elections: Each OZ tax benefit (deferral, basis step-up, permanent exclusion) requires a specific election—often with strict windows and forms.
State conformity: Some states may have extra requirements or not follow federal OZ rules—check before you invest.

⚠️ What Happens If You Miss the Window?

You lose the benefit. These are “use it or lose it” perks—there’s often no way to get them retroactively if you miss an election or deadline.
Potential penalties. Improper or late filings can trigger penalties or audits, especially for employer plans and OZ funds.

🦔 Hedgi’s Pro Tips

Calendar every opt-in and filing deadline. Don’t wait for your CPA—stay ahead with reminders.
Keep plan documents organized. Upload to Hedgi, and make sure every benefit is set up correctly.
Confirm with a pro. Laws and deadlines change—double-check plan setup and reporting every year.

🦍 Bottom Line

Big new accounts and credits = big new paperwork.
Don’t let fine print or missed deadlines steal your tax savings—if in doubt, reach out to your accountant or let Hedgi keep your compliance on track.

Want a checklist for Trump Accounts, child care, or Opportunity Zone setup? Comment or DM us—Hedgi will help you dodge the paperwork jungle!

Jacob Schwartz