The following changes are included in this release effective January 1, 2022:

• Idaho changed its interest rate from 2.0% to 3.0% for both underpayments and overpayments.
• Maryland changed its interest rate from 10.0% to 9.5% for both underpayments and overpayments.
• Texas changed its interest rate for overpayments from 0.511% to 0.276%; its rate for underpayments remained unchanged at 4.25%.
• Vermont changed its interest rate from 4.0% to 3.25% for both overpayments and underpayments.

Two changes were previously included in version 21.4.0.0 but became effective January 1, 2022:

• Iowa changed its interest rate from 6.0% to 5.0% for both underpayments and overpayments.
• Indiana changed its interest rate from 4.0% to 3.0% for both underpayments and overpayments.

The refund rate for Rhode Island for overpayments was changed from 5.0% to 3.25% retroactively to January 1, 2021; the rate for underpayments remained unchanged at 18.0%.

Missouri changed its refund rate from 0.6% to 0.4% effective October 1, 2021. This change was already included in the 21.3.0.0 version of Instant Interest.

Two states announced plans to change their interest rates for both underpayments and overpayments effective January 1, 2022:

• Iowa will change from 6.0% to 5.0%.
• Indiana will change from 4.0% to 3.0%.

Both of these changes are reflected in this release.

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 21.2.0.2.

This release continues the improvement of date handling on data entry. Note that Release 21.2.0.3 was not broadly released; it contained updates requested by certain users.

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 21.2.0.0.

Note: The referenced version of Form CIT-UT was in error. The correct rate is 6.25%. Release 21.3.0.0 reverts this error base on the “Late Fees, Interest, and Penalties” updated by the state of Montana on May 13, 2021.

This release corrects a date handling bug that was introduced with the major changes in version 21.2.0.0.

Program Changes

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:

• Florida changed from 9.00% to 7.00% for both underpayments and overpayments.
• Georgia changed from 7.75% to 6.25% for both underpayments and overpayments.
• Iowa changed from 7.00% to 6.00% for both underpayments and overpayments. Continue reading →

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:

• Idaho will reduce its rate from 4.00% to 2.00% for both overpayments and underpayments.
• Kentucky will reduce its rate from 7.00% to 5.00% for underpayments and from 3.00% to 1.00% for overpayments.
• New Hampshire will reduce its rate from 7.00% to 5.00% for underpayments and from 4.00% to 2.00% for overpayments. Continue reading →