Oct-31-2022 - Our Table, Calculating the 2% Portion of Deferred Tax 1998 - 2023, is updated with the official figures for 2023. Total tax deferred at the 2% rate will be $700,000.

Sep-26-2021 - Our Table, Calculating the 2% Portion of Deferred Tax 1998 - 2022, is updated with the projected figures for 2022. Total tax deferred at the 2% rate will be $656,000.

Aug-25-2023 - IRS interest rates increase for the fourth quarter of 2023 beginning October 1. The regular non-corporate underpayment and overpayment interest rates increase to 8%. See Revenue Ruling 2023-17.

May-22-2023 - IRS interest rates remain the same for the third quarter of 2023 beginning July 1. The regular non-corporate underpayment and overpayment interest rates remain 7%. See Revenue Ruling 2023-11.

Feb-17-2023 - IRS interest rates remain the same for the second quarter of 2023 beginning April 1. The regular non-corporate underpayment and overpayment interest rates remain 7%. See Revenue Ruling 2023-4.

Nov-30-2022 - IRS interest rates increase for the first quarter of 2023 beginning January 1. The regular non-corporate underpayment and overpayment interest rates will be 7%. See Revenue Ruling 2022-23.

Nov-16-2022 - The IRS is soliciting comments concerning Form 4768, Application for Extension of Time To File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes. Written comments must be received on or before January 17, 2023 to be assured of consideration.

Oct-18-2022 - IRS announced the 2023 inflation factors in Revenue Procedure 2022-38. The 2023 basic exclusion amount for determining the amount of unified credit is $12,920,000, and the "2-percent portion" under section 6601(j) is $1,750,000. The amount of tax deferred at the 2% rate is $700,000.