Are you considering selling shares acquired through your employer’s equity compensation plan? You should be aware of the wash sale rule that can present unique challenges when selling shares at a loss.
Are you considering purchasing an electric or hybrid vehicle this year? In this note, we provide a summary overview of the 2023 Clean Vehicle Credit including a link to the Department of Energy website with information on eligible new and used vehicle models.
The SECURE 2.0 Act is now law and will impact our clients mainly through changes to retirement plan withdrawal rules, 50 and older catch-up contributions, and new ways to add to retirement assets. We highlight some of the changes in this note.
One of the few positives to come from recent inflation is the Internal Revenue Services’ inflation-adjusted changes to 2023 tax rules. These changes span many areas, from income tax brackets to social security to retirement plan contribution limits.
PayPal, Venmo, Zelle, and similar 3rd party settlement companies will have expanded tax reporting requirements starting January 1, 2022 under the American Rescue Plan Act (ARPA). Taxpayers receiving payments for goods and services totaling $600 or more through third-party settlement companies in 2022 will now receive Form 1099-K to report the taxable income.
The Build Back Better Act is inching closer to a vote. While we anticipate the final version will have some compromises, the opportunities for tax planning are beginning to take shape. Here we review the current version of the proposed tax legislation and interpret what it means for you and your estate tax planning.
The release of the Treasury’s “Green Book” on May 28th offers insight into the Biden administration’s proposals for changes to income and estate taxes. Here we focus on the estate tax proposals, as specified in the Green Book and referred to in other Administration communications.
The CARES Act of 2020 allowed taxpayers who were subject to Required Minimum Distributions (“RMD”s) from their retirement accounts to waive those distributions for the 2020 tax year.
The November election is less than two months away. The Parkside team wants to briefly summarize the tax platforms of the two candidates and recommend actions for clients to consider depending on the election outcome.
On June 23rd, the IRS updated details of the CARES Act waiver related to required minimum distributions (RMDs) already taken in 2020. Read on for our summary of the key updates and considerations for redepositing RMDs taken earlier in the year.