Thursday December 1, 2022 – Inflation has an impact most don’t notice. Inflation exasperates IRS problems. How? The IRS charges interest on all past due balances – and the interest is compounded DAILY. Yes, daily. That means, today taxpayers pay interest on interest from yesterday.
Last year at this time the IRS interest rate was 3%. The IRS just announced that the interest rate for the next quarter is 7%. More than double from last year.
Attorney Steven A. Leahy will explain how the increase in interest rates will effect real people.
https://www.thinkadvisor.com/2022/11/29/irs-to-hike-interest-rates-for-q1/
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649