IRS Updates

IRS & Dept. of Labor Renew Agreement to Collaborate Against Worker Misclassification

January 3, 2023

On December 14, 2022, the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) announced that they are renewing a memorandum of understanding (MOU), which allows the two agencies to collaborate in their efforts to address employee misclassification. The goal of the MOU is to streamline investigations into businesses that misclassify their employees…

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IRS Raises Interest Rates for First Quarter of 2023

December 29, 2022

Interest rates have been rising across the board, so it should come as no surprise that the IRS is getting in on the action. Starting January 1, 2023, late, partial, or missing tax payments will cost more. On November 29, the IRS announced that rates used to calculate interest on underpayments (taxes owed but not…

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IRS Reminder: Deferred Social Security Tax Payment Due by End of 2022

December 16, 2022

If you’re an employer or a self-employed individual who opted to defer part of your Social Security taxes for 2020, the IRS would like to remind you that the deadline for your second installment is due soon. Back in 2020, the Coronavirus, Aid, Relief and Economic Security (CARES) Act was passed to help individuals and…

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Applicable Federal Interest Rates for December 2022

November 18, 2022

The IRS recently published its Applicable Federal Rates (AFRs) for December 2022. What is the Applicable Federal Rate (AFR)? The applicable federal rate (AFR) is the minimum interest rate permitted by the Internal Revenue Service (IRS) on private loans, including loans between family members. Generally, they are significantly lower than commercial lending rates. If lenders…

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