September 15 Third Quarter Estimated Tax Deadline

Taxpayers who pay estimated tax are reminded that the deadline to submit their third quarter payment is September 15, 2023. Taxpayers not subject to withholding may need to make quarterly estimated tax payments. Taxpayers such as gig workers, sole proprietors,...

Interest Rates Increase First Quarter of 2023

The Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning January 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on...

Relief For Work Opportunity Tax Credit

The Internal Revenue Service announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC).  The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in...

“Dirty Dozen” Tax Scams

The Internal Revenue Service began its “Dirty Dozen” list for 2021 with a warning for taxpayers, tax professionals and financial institutions to be on the lookout for these 12 nefarious schemes and scams. This year’s “Dirty Dozen” will be...

Interest Rates Remaining The Same For Third Quarter

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021. The rates will be: 3% for overpayments (two (2) % in the case of a corporation), 0.5% for the portion of a corporate overpayment exceeding...