No Change in Interest Rates for the 2007
Lawyer News
The Internal Revenue Service today announced there will be no change in the interest rates for the calendar quarter beginning January 1, 2007. The interest rates are as follows:
- eight (8) percent for overpayments [seven (7) percent in the case of a corporation];
- eight (8) percent for underpayments;
- ten (10) percent for large corporate underpayments; and
- five and one-half (5.5) percent for the portion of a corporate overpayment exceeding $10,000.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.
The interest rates announced today are computed from the federal short-term rate based on daily compounding determined during October 2006.
Related listings
-
CA accountant barred from operating tax scheme
Lawyer News 12/09/2006[##_1L|1177299369.jpg|width="180" height="142" alt=""|_##]WASHINGTON – A federal judge in Los Angeles has permanently barred Stephen Drake of Prescott, Ariz., and Kenneth Sorenson of Buellton, Calif., from promoting or operating an alleged tax frau...
-
Fla. Court Shuts Down Promotion of Tax Schemes
Lawyer News 11/22/2006A federal court in Tampa, Fla. has permanently barred David Marvin Swanson of Sarasota from promoting an illegal tax fraud scheme that involves sham trusts and limited liability companies, the Justice Department announced today. The court found that ...
-
2007 Changes Widen Tax Brackets, Expand Benefits
Lawyer News 11/09/2006WASHINGTON — Personal exemptions and standard deductions will rise, tax brackets will widen and income limits for IRAs will increase in 2007, thanks to inflation adjustments announced today by the Internal Revenue Service.By law, the dollar amounts...
Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.
Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.
Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.