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IRS Announces Interest Rate Increases for the Fourth Quarter of 2022
Beginning October 1, 2022, individual taxpayers can expect to see a 1% increase in interest rates for tax over and underpayments (taxes owed that are not fully paid). This 6% rate is an increase from the previously established 5% (July 1, 2022) and the interest will be compounded daily. Individuals are not the only…
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IRS Increases Mileage Rate for Remainder of 2022
The high cost of gasoline has prompted the IRS to make a mid-year adjustment to the standard mileage rate for business travel effective July 1, 2022. The norm has always been to make this adjustment annually. The last time the agency made a mid-year adjustment to the rate was in 2011. The new rate will…