{"id":1792685,"date":"2023-01-02T10:04:44","date_gmt":"2023-01-02T15:04:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1792685"},"modified":"2023-01-02T10:05:33","modified_gmt":"2023-01-02T15:05:33","slug":"irs-hikes-interest-rates-on-underpayments-and-overpayments","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-hikes-interest-rates-on-underpayments-and-overpayments\/","title":{"rendered":"IRS raises interest rates for underpayments and excessive payments"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Firs-hikes-interest-rates-on-underpayments-and-overpayments%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1792685&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Kevin Hassett (ex-Chairman of the Council of Economic Advisers) discusses IRS&#8217; delay in implementing its tax rule for Venmo and PayPal payments exceeding $500 and his concerns about Kudlow.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.foxbusiness.com\/category\/irs\" target=\"_blank\" rel=\"noopener\">The IRS<\/a> For overpayments or underpayments, the interest rate will be increased in the first quarter 2023. This is effective Jan. 1.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/03\/931\/523\/IRS.jpg?ve=1&#038;tl=1\" alt=\"Internal Revenue Service\"   style=\"display:none\"><\/div>\n<div class=\"caption\">\n<p><span>Washington, D.C., IRS headquarters, February 25, 2022<\/span><span> (Al Drago\/Bloomberg via Getty Images\/ Getty Images<\/span><\/p>\n<\/div>\n<\/div>\n<p>Individuals pay more than what is owed at a given rate. <a href=\"https:\/\/www.foxbusiness.com\/category\/taxes\" target=\"_blank\" rel=\"noopener\">taxes owed<\/a> The salary will be compounded daily at 7% per calendar-year, which is a 6% increase over the previous quarter.<\/p>\n<p>The <a href=\"https:\/\/www.foxbusiness.com\/category\/government-and-institutions\" target=\"_blank\" rel=\"noopener\">federal tax collection agency<\/a> The statement states that the interest rate for corporate overpayments will rise from 6% to 4.5% for individuals with incomes above $10,000.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/money\/irs-delays-new-tax-reporting-rule-venmo-paypal-payments\" target=\"_blank\" rel=\"noopener\"><strong>IRS DELAYS NEW TAX-REPORTING RULE ON VENMO, PAYPAL PAYMENTS OVER $600<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/08\/931\/523\/taxes-1.jpg?ve=1&#038;tl=1\" alt=\"Individual income tax\" \/><\/div>\n<div class=\"caption\">\n<p><span>IRS 1040 Individual Income Tax Forms<\/span><span> (Daniel Acker\/Bloomberg via Getty Images\/Getty Images<\/span><\/p>\n<\/div>\n<\/div>\n<p>Corporate underpayments of large amounts are subject to a 9% interest rate<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/money\/5-things-know-about-your-2023-taxes\" target=\"_blank\" rel=\"noopener\"><strong>5 THINGS TO KNOW ABOUT YOUR 2023 TAXES<\/strong><\/a><\/p>\n<p>The Internal Revenue Code states that the IRS sets interest rates quarterly. The federal short term rate plus 3 percentage points is used to determine individual rates.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/08\/931\/523\/IRS-SMALL-BUSINESS-TAX-GETTY.jpg?ve=1&#038;tl=1\" alt=\"Magnifying glass on IRS website\" \/><\/div>\n<div class=\"caption\">\n<p><span>The IRS homepage as seen from a computer screen using a magnifying device<\/span><span> (Photo illustration by Rafael Henrique\/SOPA Images\/LightRocket via Getty Images\/Getty Images<\/span><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.foxbusiness.com\/category\/fox-news-corporations\" target=\"_blank\" rel=\"noopener\">Underpayment rates for corporations<\/a> Individuals pay the same rates as individuals for overpayments. The rates for companies are however two percentage points higher that the federal short-term rates.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/apps-products\" target=\"_blank\" rel=\"noopener\"><strong>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/strong><\/a><\/p>\n<p>The new rates were calculated at <a href=\"https:\/\/www.foxbusiness.com\/personal-finance\/mortgage-rates-increase-federal-reserve-freddie-mac\" target=\"_blank\" rel=\"noopener\">federal short-term rate<\/a> Starting October<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kevin Hassett (ex-Chairman of the Council of Economic Advisers) discusses IRS&#8217; delay in implementing its tax rule for Venmo and PayPal payments exceeding $500 and his concerns about Kudlow. The IRS For overpayments or underpayments, the interest rate will be increased in the first quarter 2023. This is effective Jan. 1. Washington, D.C., IRS headquarters, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1401415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5458,12865,8362,5398,4224,6009,3819,12866],"class_list":["post-1792685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bongino","tag-excessive","tag-irs","tag-payments","tag-raises","tag-rates","tag-report","tag-underpayments"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1792685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1792685"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1792685\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1401415"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1792685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1792685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1792685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}