The rate of interest is decided on a quarterly basis in accordance with the Internal Revenue Code. The overpayment and underpayment rate for taxpayers who are not corporations is equal to the federal short-term rate plus 3 percentage points. The
For the first time, anyone e-filing Form 1040-X can select direct deposit and enter their banking information for a faster refund. The IRS announced on February 9 that anyone who electronically files an amended individual income tax return can now
The IRS has determined that, for reasons of sound tax administration and other considerations, taxpayers in many states will not be required to disclose these payments on their 2022 tax returns. The Internal Revenue Service has provided clarification regarding the
The problem stems from stimulus payments made by some states over the past year, which raised tax-related issues. Millions of taxpayers may be among those the IRS is advising to delay filing their 2022 tax returns. Regarding stimulus payments made
This year, Valentine’s Day expenditure is expected to reach $25.9 billion, up from $23.9 billion in 2022, making it one of the biggest years ever for spending. The annual study, which was just issued by the National Retail Federation and
The IRS seeks public input regarding the proposed Service Industry Tip Compliance Agreement (SITCA) program. The Service Industry Tip Compliance Agreement (SITCA) program is a voluntary tip reporting program between the IRS and employers in various service industries. It was
The rise in mortgage rates last year froze the housing market, resulting in the greatest yearly decline in sales of previously owned homes in more than a decade. The US housing collapse has now entered its fifth month, with a
The organization had previously stated that it was drafting guidelines for the 19 states that would offer refunds of some kind in 2022. The IRS advised last Friday that taxpayers in California who received a Middle-Class Tax Refund and an
All taxpayers must respond to a question about digital assets on their 2022 tax forms. On the second day of the 2023 filing season, the IRS reminded taxpayers that any digital asset-related income must be declared when they submit their
The Oregon Department of Revenue mailed personal tax refund information to the incorrect address for 5,000 taxpayers. The Oregon Department of Revenue admitted on Thursday that it transmitted personal tax refund information to the wrong address for around 5,000 individuals.