2022 Year-End News Brief
The “Setting Every Community Up for Retirement Enhancement” Act, or SECURE Act, was enacted on December 20, 2019. Over two years after the law was enacted on February 23, 2022, the IRS issued proposed regulations on the SECURE Act, which include changes to inherited retirement accounts and required minimum distributions (RMDs). The proposed regulations have not been finalized at the time of publication. This article discusses the proposed regulation changes as they currently stand, although there could be some changes when the final regulations are issued.
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions.
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.
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions.
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