IRS Interest Rates Update!

Are you aware of the interest rate increase announced by the IRS earlier this week? Starting on October 1st the rates jump from 5% to 6%. This may serve as good news for those of you who are waiting on a missing refund, as the IRS has 45 days to process your tax return and issue the refund before interest rates start to accrue. This interest received is taxable so you will receive Form 1099-INT to include it on your tax return meaning it will get flagged if you do not report it. There were a reported 9.7 million unprocessed individual 2021 tax returns as of August 5th with the IRS working to clear its backlog. Are you up to date on all the items you still need to report so your return isn’t held up? Reach out today for further assistance to make sure you avoid any further delays! #Tax #CPA #IRS #Accounting