The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates: 7% for overpayments (payments made in excess of the amount owed), 6% [...]
As of November 22, 2022, the Internal Revenue Service encourages taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier. With a little advance preparation, a preview of tax changes and convenient online tools, taxpayers can approach the upcoming tax season with confidence. Filers can [...]
There is a lot of buzz in the news about the upcoming Advance Child Tax Credit payments. The big question is, should you accept the payments or would you be better off unenrolling? The answer is not so cut and dry. The best advice we could give is to look hard at your individual situation, [...]
WASHINGTON — The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations. Gig economy The gig economy refers to income earned providing on-demand work performing services or selling goods, including driving a car [...]
The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020. A taxpayer's excess APTC is the amount by which the taxpayer's advance payments of the Premium Tax Credit (APTC) [...]
The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: • 56 cents [...]
Don’t panic. If you cannot pay the full amount of taxes you owe, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest. There is a penalty for failure to file a return on time so even if you can't pay in full, be [...]
Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual tax payers who did not file a 2016 federal income tax return. However, there is only a three year window to claim these refunds. That window closes on July 15. The following information was provided by the Internal Revenue Service [...]
There were many people who accidentally threw away their stimulus payment because they thought it was junk mail. Others suspected possible scams and assumed the cards were "fake". The Internal Revenue Service has made the decision NOT to charge for replacing those cards. There are more than 4 million people who didn’t have direct deposit [...]
