The only change in this release is that Missouri changed its refund rate from 0.9% to 0.6% effective July 1, 2021, and to 0.4% effective October 1, 2021.
Concerning Montana, please see the Release Notes for version 220.127.116.11.
This release incorporates further improvements to date handling and corrects the rate for Montana (see the instructions for line 17 of the 2020 version of Form CIT-UT [This form was later revised and move by the state—see below]). For the major changes in Instant Interest the 2nd quarter, see the release notes for version 18.104.22.168.
Note: The referenced version of Form CIT-UT was in error. The correct rate is 6.25%. Release 22.214.171.124 reverts this error base on the “Late Fees, Interest, and Penalties” updated by the state of Montana on May 13, 2021.
This release adds a new field, Taxpayer State, to the input panels. This field is used to determine eligibility for payment extensions in cases where the financial presence of a business in a state is a factor in determining eligibility. It does not apply to cases where blanket extensions are granted, as was the case in 2020 when tax relief was granted to all taxpayers due to the coronavirus (COVID-19) pandemic. In 2021 the IRS and the states of Louisiana, Oklahoma, and Texas granted payment extensions for businesses with financial operations in those three states due to the severe winter storms that occurred there. What constitutes financial operations that qualify a business to receive the automatic extensions varies by jurisdiction. Customers should consult the respective declarations to determine eligibility: Continue reading
This release corrects a bug that was introduced in the logic for COVID-19 deadline extensions. The symptom of this error is that when a user calculates a schedule from a newly entered set of values, the program displays the prompt “Is this interest due on income from oil and gas production?” That prompt is applicable only to calculation of Alaska taxes for the year 2017. It did not affect calculations on saved values.
Note: You can expect another interim release within the next two weeks that implements the disaster-related extensions for businesses affected by the winter storms in Texas, Oklahoma, and Louisiana.
The following changes are implemented in this version of Instant Interest effective January 1, 2021:
The only change effective October 1, 2020, is the Missouri refund rate, which dropped from 1.90% to 1.80%.
Three changes effective January 1, 2021, were implemented:
Third quarter rate changes were made in the 126.96.36.199 release, which was available to customers enrolled in the online update program. The following changes are implemented in this release:
This is an interim release. It updates rates that were published prior to June 30, 2020. It does not take the place of the third quarter release (188.8.131.52). It reflects the following rate changes effective July 1, 2020: