IRS Updates

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…

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…