IRS

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

The annotations show the locations he supposedly visited in connection with either business. For several reasons, the Tax Court didn’t find this evidence credible.

For 2023, a participating employee can contribute up to $22,500 in elective deferrals or up to $30,000 if they are age 50 or over.

The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns.

The IRS is trying to decide whether aid payments to taxpayers in more than a dozen states should be taxable.

Anyone e-filing Form 1040-X can for the first time select direct deposit and enter their banking info for a faster refund.

The issue comes with stimulus payments paid by some states in the last year, which has led to tax questions.

The IRS is hiring tax attorneys to help enhance the taxpayer experience and address noncompliance.