Recent News & Blog / Individual Tax
2023 Rates & Dates
The IRS recently released the 2023 rates and dates, which includes the following:
Steer clear of the wash sale rule if you’re selling stock by year end
If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule.
Strategies for investors to cut taxes as year-end approaches
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales
Employers: Form 941 deposit requirements for 2023
Taxpayers have been receiving CP136 notices from the IRS to update their 2023 deposit requirements for Form 941,
Is your income high enough to owe two extra taxes?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT
IRS issues guidance on transition rules for electric vehicle credits
The IRS has released guidance to assist taxpayers with navigating the transition from electric vehicle (EV) credits under prior law to the rules under the Inflation Reduction Act of 2022.
Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund.
The “kiddie tax” hurts families more than ever
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It can be beneficial but with complexities. Contact the CPAs and tax advisors at SEK for more information.
Virginia taypayers: New electronic payment requirement for some individuals
A recent legislative change requires Virginia taxpayers to submit all of their income tax payments electronically if:
National Taxpayer Advocate issues midyear report to Congress, expresses concerns
National Taxpayer Advocate Erin M. Collins has released her statutorily mandated midyear report to Congress.