Interest Rates 3rd Quarter 2024

May 15, 2024 | IRS

The IRS announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024. Here is a complete list of the new rates: 8% for overpayments (payments made in excess of the amount owed), 7% for corporations. 5.5% for the portion of a...

Missed The Tax Deadline?

Apr 22, 2024 | IRS, tax penalties

File Quickly to Avoid Penalties and Interest The IRS encourages taxpayers who missed the April tax filing deadline to file a tax return as soon as they can. Don’t let additional penalties and interest charges accrue even if you missed the tax filing deadline....

Direct File Officially Opens In 12 States

Mar 13, 2024 | IRS, tax season

12 Pilot States With Positive Reviews The IRS announced the full-scale launch of the innovative Direct File pilot and encouraged eligible taxpayers in 12 states to try the new service to file their tax returns online for free directly with the IRS. The pilot effort...

IRS Phones Peak Times

Feb 14, 2024 | IRS, tax season

First Try IRS Online Tools and Resources for Help With the 2024 filing season in full swing, the Internal Revenue Service encourages taxpayers to visit IRS.gov and use online tools to get answers quickly and avoid phone delays during the anticipated peak demand for...

IRS Updates Tax Gap Projections

Oct 16, 2023 | IRS, Tax Adjustment

Projected Annual Gap Rises to $688 Billion The IRS released new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a significant jump from previous estimates. The new estimate reflects a rise...

September 15 Third Quarter Estimated Tax Deadline

Sep 11, 2023 | IRS, Quarterly Taxes

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,...