Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

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Archive for February 23rd, 2022

Funky Instrumental Version of “TaxMan”

Posted by taxguru on February 23, 2022

Although first released in 1966 by The Beatles, George Harrison’s song is still very timely and popular.

Thanks to the Ultimate Classic Rock website for this.

This has been added to my YouTube playlist of TaxMan covers.

Posted in Music, TaxMan, video | Comments Off on Funky Instrumental Version of “TaxMan”

Inflation Hits IRS

Posted by taxguru on February 23, 2022

Every three months, IRS looks at the current inflation rate and determines how much interest they will be charging taxpayers on late tax payments and paying out to taxpayers for delayed refunds. For the past seven quarters – since July 1, 2020 – it has been three percent (3.0%) APR. It’s not per day. It’s an annual rate.

As we all know, inflation is currently at its highest pace since Jimmy Carter’s reign. IRS has just announced in this press release that, as of April 1, their main interest rate will be a whopping four percent (4.0%) APR.

As I remind clients who are upset about the IRS’s lengthy delays in sending out refunds, their money will be earning a much higher return from IRS that it would in a bank, where they are still paying less than one percent on savings accounts. It’s the silver lining to a bad situation.

Three months from now, I expect to be writing a similar post about IRS raising their interest rate again, to five or six percent.

Posted in inflation, interest, IRS | Comments Off on Inflation Hits IRS