Ready or not, Tax Season 2023 officially began this week, as the IRS is now accepting individual tax returns for the 2022 tax year. This alert highlights some of the latest developments, including our tax-return content, in the award-winning equity comp resources of myStockOptions and the myStockOptions Webinar Channel. You can also review a full list of all our new and recently updated content.
Tax Season 2023: What You Must Know About Reporting Rules For Equity Comp And Company Shares
For taxpayers who had income from stock compensation and/or company shares in 2022, a fully updated article on myStockOptions presents key aspects of the Form 1040 tax return, its associated schedules and forms, and more details on changes for the 2023 tax season.
The myStockOptions Tax Center provides expert and understandable guidance on the filing and reporting of tax returns that involve stock options, restricted stock, restricted stock units, performance shares, stock appreciation rights, and employee stock purchase plans. It includes resources with annotated diagrams of Form 8949 and Schedule D, Form W-2, and Forms 3921 and 3922.
SEC Law Alert: New Rules For 10b5-1 Trading Plans
In December the SEC adopted final amendments for 10b5-1 plans to combat suspected abuses of them. For corporate officers, directors, and employees seeking to use 10b5-1 plans as an affirmative defense against insider-trading liability when they sell or buy company stock, the changes are explained in the related FAQ on myStockOptions, which also explains their regulatory background. Note also that under the SEC's new rules, companies must also now annually disclose their insider-trading policies and procedures.
Incentive Stock Options AMT Trigger Points For 2023
Although the Tax Cuts and Jobs Act made it less likely, it is still possible to trigger the alternative minimum tax (AMT) if you exercise and hold ISOs with a big spread, as explained in our FAQ on the AMT income calculation. Based on tax law in 2023, the figures in a related FAQ estimate the tipping point for positive adjustments (e.g. ISO exercises) that, when added back to your taxable income, can trigger the AMT.
SAVE THE DATE: Webinar On Tax Returns Set For Feb. 15; Registration Will Open Soon
The next webinar at the myStockOptions Webinar Channel is coming up on February 15: Preventing Tax-Return Errors With Stock Comp And Stock Sales (2pm ET, 11am PT). In 100 minutes, a panel of tax experts will provide insights on issues with tax returns involving equity comp and sales of company shares, including how to avoid costly mistakes and unwanted IRS attention. The panelists will also present real-world case studies on how to use information in tax returns to create better financial plans.
The webinar will offer 2.0 CE credits for CFP, CPWA/CIMA, CEP, CPE (live webinar only), and EA (live webinar only). After the live webinar, the webinar recording will be available in on-demand format for the rest of tax season, both to registered webinar attendees and to those who later purchase streaming access. To be informed when registration opens, email us at webinars@mystockoptions.com.
Looking Ahead: The Top 3 Tax Numbers Employees Must Know In 2023
Before tax season puts your focus on 2022 income, January is a good time for 2023 tax planning. Many key tax numbers have been significantly adjusted for inflation. The latest article at Forbes.com by Bruce Brumberg, the myStockOptions Editor-in-Chief, explains the top three sets of tax figures in 2023 that all employees should know. They relate to compensation from work: paycheck withholding, the potential need for estimated taxes, and your retirement savings—and in 2023 they are bigger than in past years.
CE Credits At myStockOptions
Keep up your continuing professional education and earn needed CE credits at myStockOptions. In our Learning Center, myStockOptions has eight courses and exams that offer CE credits for several professional designations and can be used for internal company certification programs:
- 40 CE credits for Certified Equity Professionals (CEPs): over 100% of the total requirement
- 26 CE credits for Certified Financial Planners (CFPs): 87% of the total requirement
- 26 CE credits for Certified Private Wealth Advisors (CPWAs) and Certified Investment Management Analysts (CIMAs): over 65% of the total requirement)
- Chartered Financial Analysts (CFAs) and Certified Public Accountants (CPAs) are encouraged to take our courses and exams and include them, if possible, when they self-document their continuing professional education
Each course of study features podcasts, articles, and FAQs from myStockOptions. The answer key for each exam also links to relevant content on the site for further reading and learning.