Recent News & Blog / Individual Tax
Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½.
4 business functions you could outsource right now
Simply put, it’s never been easier to outsource certain business functions so you can better focus on fulfilling your company’s mission and growing its bottom line. Here are four such functions to consider. Contact our HR advisors or business advisors for more information.
SECURE 2.0 law may make you more secure in retirement
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. Here are some of the significant retirement plan changes and when they’ll become effective.
Renting to a relative? Watch out for tax traps
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules
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.
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. Receiving a tax refund essentially means you’re giving the government an interest-free loan. Contact our tax advisors with questions