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.
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.