June 15, 2015 - Estimated Tax Payment Due

It’s time to make your second quarter estimated tax installment payment for the 2015 tax year. Our tax system is a “pay-as-you-go” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. These include:

1. Payroll withholding for employees;
2. Pension withholding for retirees; and 
3. Estimated tax payments for self-employed individuals and those with other sources of income not covered by withholding.

Taxpayers Receiving Identity Verification Letter Should Use IDVerify.irs.gov

WASHINGTON – The Internal Revenue Service today reminded taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website, idverify.irs.gov, offers the fastest, easiest way to complete the task.

Taxpayers may receive a letter when the IRS stops suspicious tax returns that have indications of being identity theft but contains a real taxpayer’s name and/or Social Security number. Only those taxpayers receiving Letter 5071C should access idverify.irs.gov.

The website will ask a series of questions that only the real taxpayer can answer.

Interest Rates Remain the Same for the First Quarter of 2014

IR-2013-96, Dec. 9, 2013
WASHINGTON ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2014.  The rates will be:

• three (3) percent for over payments [two (2) percent in the case of a corporation];
• three (3) percent for underpayments;
• five (5) percent for large corporate underpayments; and
• one-half (0.5) percent for the portion of a corporate over payment exceeding $10,000.