Semenza Accounting & Tax Service, PLLC

01/07/2026

If you are following the Mail Box rule, don't make the mistakes listed in the article.

Due to operational changes at the Postal Service, the agency says there will be more delays between when you mail something and when it gets postmarked.

12/18/2025

Required Minimum Distributions

Required Minimum Distributions (RMDs) are minimum amounts you must withdraw from your IRA or retirement plan account when you reach age 73.

You’re not required to take withdrawals from Roth IRAs or from designated Roth accounts in a 401(k) or 403(b) plan while the account owner is alive.

RMDs from an IRA

You can meet your RMD requirement by taking a withdrawal from one or more of your IRAs or SEP, SIMPLE and SARSEP IRAs. It’s not necessary to take a withdrawal from each of your IRAs, but your total taken across all IRAs must be at least equal to the total RMD due.

You are required to take RMDs beginning at age 73 from traditional IRAs, SEP, SIMPLE and SARSEP IRA plans, even if you’re still employed.

RMDs from a retirement plan

To satisfy the RMD requirements in a retirement plan, you must take RMDs separately from each of your retirement plans. If you reached age 73 in 2025, your RMDs must begin by April 1, 2026, or April 1 following the year you retire, whichever is later.

If you’re still employed by the plan sponsor, and not a 5% owner, your plan may allow you to delay taking RMDs from that workplace retirement plan until you retire.

Beneficiaries of IRAs and retirement plans are subject to RMD rules. Beneficiaries must take RMDs or be subject to a 25% excise tax on the amount that should have been distributed but was not.

For more information and future updates, visit IRS.gov/rmd and review Publication 590-B, Distribution from Individual Retirement Arrangements (IRAs).

Review the required minimum distribution rules for certain retirement plans, including traditional IRAs, SEP IRAs, SIMPLE IRAs and 401(k) plans.

11/13/2025

Year end 1099 Forms

The IRS requires employers to report payments made to independent contractors on Form 1099-NEC, Nonemployee Compensation, when the annual total exceeds $600. If a firm fails to meet its reporting responsibilities, it may be fined $310 for each violation in 2025.

Beginning in 2026, Form 1099-NEC reporting is required only if total payments to an independent contractor exceed $2,000. Furthermore, the $2,000 threshold will be indexed for inflation in subsequent years. Note: The new law also raises the threshold for 24% “backup withholding” from $600 to $2,000 if an independent contractor fails to provide valid information on Form W-9, Request for Taxpayer Identification Number and Certification.

11/13/2025

In 2026 the other main rules for deducting monetary charitable donations are relatively simple.

Individuals who can’t currently deduct more than 60% of their adjusted gross income (AGI) for the year, usually carry any excess over for up to five years. There is a charitable floor of 0.5% of AGI for individual donors, under the new law.

Deductions for C corporations are limited to 10% of taxable income. But there is a floor of 1% of taxable income for C corporations. In other words, only the excess above the 1% threshold is deductible. So, if a small C corporation earned $1 million and donated $15,000 in 2025, it could deduct $5,000 (15,000 – $10,000). This significant change takes effect in 2026.

10/21/2025

Reusable bags just got a little pricier in Washington, but there are some important exemptions to keep in mind for those who need it most.

10/01/2025

TUMWATER, WA — The Washington State Department of Labor & Industries (L&I) announced that the state minimum wage will rise to $17.13 an hour beginning Janu

10/01/2025

As the September 30 deadline approaches, this is an important reminder to prepare for the transition to electronic payments. All federal benefit payments will soon be issued electronically…

09/30/2025

Get ready to electronically pay your federal taxes.

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09/10/2025

Protect your documents and have information on your assets.

As hurricane season peaks and wildfire risks remain high, the IRS is urging individuals and businesses to create or update their emergency preparedness plans as part of National Preparedness Month.

09/10/2025

No outside insurance companies are allowed to sell Health Insurance plans to WA residents.

The site is secure. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

09/10/2025

Effective September 30, in accordance with Executive Order 14247, Modernizing Payments To and From America’s Bank Account, federal benefit payments will primarily be issued electronically, with paper checks being phased out in most cases. To prevent any disruption in payments, beneficiaries must switch to electronic payment options before the deadline or file a waiver with the U.S. Treasury by calling 1-800-967-5042.

08/21/2025

Have a problem with taxes? I can help.