{"id":1792689,"date":"2023-01-02T10:05:47","date_gmt":"2023-01-02T15:05:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1792689"},"modified":"2023-01-02T10:07:12","modified_gmt":"2023-01-02T15:07:12","slug":"irs-hikes-interest-rates-on-underpayments-and-overpayments-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-hikes-interest-rates-on-underpayments-and-overpayments-2\/","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-2%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=1792689&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, the former Chairman of Council of Economic Advisers discusses IRS postponement of tax rule regarding Venmo payments and PayPal payments exceeding $600, and concerns about &#8220;Kudlow&#8221;.<\/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 the quarter that begins January 1, 2023, there will be an increase in interest rates for overpayments and underpayments.<\/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, Feb 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> It will not be fully paid. However, it will be 7% per year compounded daily. This is an increase of 6% from the last quarter.<\/p>\n<p>The <a href=\"https:\/\/www.foxbusiness.com\/category\/government-and-institutions\" target=\"_blank\" rel=\"noopener\">federal tax collection agency<\/a> According to the statement the interest rate on corporate excess payments will rise from 6% &#8211; 4.5% for those who have more than $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>The interest rate for large corporate underpayments amounts to 9%<\/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>According to the Internal Revenue Code, the IRS sets its interest rates quarterly. The federal short-term rate plus 3 percentage points is the basis of 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 viewed through a magnifying glass<\/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 are subject to the same rates as individuals for overpayments. The rates for overpayments by 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 will be calculated using the <a href=\"https:\/\/www.foxbusiness.com\/personal-finance\/mortgage-rates-increase-federal-reserve-freddie-mac\" target=\"_blank\" rel=\"noopener\">federal short-term rate<\/a> Beginning in October<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kevin Hassett, the former Chairman of Council of Economic Advisers discusses IRS postponement of tax rule regarding Venmo payments and PayPal payments exceeding $600, and concerns about &#8220;Kudlow&#8221;. The IRS For the quarter that begins January 1, 2023, there will be an increase in interest rates for overpayments and underpayments. Washington, D.C., IRS Headquarters, Feb &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-1792689","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\/1792689","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=1792689"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1792689\/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=1792689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1792689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1792689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}