Buffalo Valley Tax Service

02/26/2026

As an income tax accountant, I’ve been getting questions almost daily about the new trust accounts for children being called Trump Accounts. While the rules and regulations for this program have yet to be developed, here’s what I can tell you.
These will be custodial investment accounts and will be heavily regulated under rules issued by the Internal Revenue Service and the United States Department of the Treasury. Unlike custodial brokerage accounts or Roth IRAs, parents will not have discretion over investment choices. Funds will be invested in government-approved, low-cost U.S. stock index funds — not individual stocks or custom portfolios. While nothing has yet to be made final, we’re being told that this money will be taxed like other retirement funds. There will also be staunch restrictions on how the money can be spent when it is cashed out.
Children born in 2025-2028 will be eligible for a one-time $1000 seed contribution from the government. Children currently 1-10 years may be eligible for a $250 private donation from the Dell Foundation following the same guidelines. These donations will be based on zip codes and the median household income in those zip codes. It appears all SE Oklahoma will qualify.
This program is scheduled to start in July 2026. Parents making applications with their 2025 federal income tax return or who have applied online will receive instructions in the coming months.
A couple sidenotes here. Even if your child doesn’t qualify for the seed money, the ability to open an investment account for your child is nothing new. The only significant changes this program makes are the initial seed money and the government regulation of the account.
There is also some misunderstanding about the potential growth of the investment. I’ve ran a quick amortization chart to give some real figures. Assuming no other contributions are made to the account, a $1000 seed investment with a 7% average annual gain would grow to $3,380 in 18 years. For a 10-year-old, a $250 seed investment with the same average gain would grow to $430 in eight years.
For this program to grow to a significant number, parents, grandparents, employers, and others will have to contribute to this fund annually. If a newborn’s parents added the maximum $5000 to this account each year for 18 years with an average growth of 7%, it would grow to around $173,000. That said, parents who can afford that significant of an investment could easily invest in an unrestricted account with more favorable tax treatment and better yields.
The real benefit of these new trust/Trump Accounts is that they will encourage parents who couldn’t or wouldn’t otherwise make investment accounts for their children do so, hopefully contributing more themselves throughout the child’s life.

01/29/2026

If you had a child born in 2025, that child may be eligible for a $1000 trust account deposit. Kids from 1-10 years old may qualify for a $250 deposit. This is a great opportunity for your child! Please give us a call at 918-684-8642 if you have questions about how to make this election when filing your 2025 federal tax return. Please note that you may not be able to include this on some of the free filing platforms.

01/08/2026

The IRS has just released their target date for accepting 2025 returns. We can start transmitting returns on Monday, Jan 26. However, we can have your return prepared and ready to e-file before then. Give us a call at 918-684-8642 if you have any questions.

04/04/2025

With new rules for Social Security recipients taking effect next month, I strongly recommend that everyone create an online account with the SSA.
YOU MUST DO THIS YOURSELF! IT IS A FELONY FOR YOUR CHILD OR SOMEONE ELSE TO DO IT FOR YOU WITHOUT A POA OR YOU BEING PYHSICALLY PRESENT, MENTALLY COHERENT, AND DIRECTING EACH RESPONSE!
If at some point in the future you find yourself physically unable to visit a SSA office and need to make changes to your account, you may not be able to do so if you haven't set up an online account.
You will need to set up a “My Social Security” account in order to access the “My Social Security” service.
You will need to have a LOGIN.GOV or ID.me account which you can create by visiting the SSA website.
The first step is to submit your email address. A link will be sent to you to proceed with creating your account. You will need to confirm your email within 24 hours receiving the link.
Next you will have to create a “strong password,” one that is at least 12 characters long, including numbers and symbols, and one that you don’t commonly use.
Then you must choose an authentication method setup. You’ll be given the following choices:
Security key: A physical device, often shaped like a USB drive, that you plug in to your device.
Government employee ID: PIV/CAC cards for government and military employees. Desktop only.
Authentication application: Download or use an authentication app of your choice to generate security codes.
Text or voice message: Receive your secure code by (SMS) text or phone call.
Backup codes: A list of 10 codes you can print or save to your device. When you use the last code [the SSA] will generate a new list. Keep in mind backup codes are easy to lose.
Next you will asked to submit your telephone number which will be sent a security code. When prompted, enter the security code. You will have 10 minutes to do so.
You will be asked next if you asked if you received an activation code, this is different from the security code you previously received. Click ‘No’ and then next.
Then you will have to agree to the terms of service before you will be taken to a page to verify your identity. You will want to have your Social Security card on hand to enter the information exactly as it appears on your card.
You will then be asked if you want to add an extra level of security before you can get your one-time activation code via text message or phone call.
Finally, enter the activation code you are sent in the box and submit, agree to the terms of service again and viola, you can now access the “my Social Security” service.
Remember, only you or your POA can use your “my Social Security” account. Written permission does not suffice!
If you are doing this for a parent, or someone without internet skills, that person MUST be physically present, mentally coherent, and directing each of your steps. Otherwise, you will be committing a felony.
If you need extra assistance creating your account, you can call the SSA at 1-800-772-1213.

03/25/2025

ATTENTION SOCIAL SECURITY RECIPIENTS! A major change is coming for millions of Social Security beneficiaries. Beginning in April, all recipients will be required to verify their identity in person at official offices or create an online account in order to continue receiving monthly payments. How this will affect those who lack internet skills and have physical limitations keeping them from in-person visits to SSA offices is yet to be seen. Note: this is not a political statement, but rather a service to my friends and clients. Any comments of political nature either way will be deleted. EDIT: Conflicting reports are coming from the SSA concerning the details of this. My advice would be that, if you receive SS benefits, keep yourself informed and watch for a letter from the SSA detailing how this may affect you.

02/20/2025

Corporate Transparency Act Reporting Requirements Back in Effect with Extended Reporting Deadline; FinCEN Announces Intention to Revise Reporting Rule
Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies.

FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

Notice:

12/15/2024

01/19/2024

Our land line is down so please contact us via my personal cell. 918-684-8642

01/06/2024

Been at this since 1982.

10/20/2023

On Oct. 10, the Oklahoma Supreme Court granted Alicia Stroble a motion for oral argument and scheduled the hearing for Wednesday, Jan. 17, 2024.

Implications of the U.S. Supreme Court’s 2020 landmark ruling in McGirt v. Oklahoma are still in dispute. Lower courts have already ruled that certain income of Tribal members is exempt from state tax. However, the Oklahoma Tax Commission, by order of the Governor, has refused to follow those rulings.

Now the Oklahoma Supreme Court is preparing to weigh arguments in the Stroble v. Oklahoma Tax Commission case, which asks whether tribal citizens who live within reservation boundaries and work for tribally controlled entities are exempt from state income tax.

This ruling will have a significant impact on many of my clients so I will do my best to keep everyone informed.