This release corrects a date handling bug that was introduced with the major changes in version 21.2.0.0.
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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.
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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 20.2.0.2 release, which was available to customers enrolled in the online update program. The following changes are implemented in this release:
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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 (20.3.0.0). It reflects the following rate changes effective July 1, 2020:
This release implements payment due date extensions that various tax jurisdictions have granted in response to the coronavirus/COVID-19 pandemic. Most tax jurisdictions have granted extensions for payment of taxes due in certain date ranges in 2020. With the 20.2.0.1, the following extensions have been implemented: Continue reading
This release reflects the following rate changes effective April 1, 2020:
The release also includes a change to California‘s rate for underpayments from 6.00% to 5.00% retroactive to January 1, 2020. That change had not yet been published when the 20.1.0.0 release was created. The rate for overpayments remained unchanged at 2.00%. Continue reading
This release reflects the following rate changes effective January 1, 2020: