The Internal Revenue Service has announced there is no change in the interest rates for the calendar quarter beginning April 1, 2007. The interest rates are as follows:

• 8% for overpayments (7% in the case of a corporation)
• 8% for underpayments
• 10% for large corporate underpayments
• 5.5% for the portion of a corporate overpayment exceeding $10,000. Link

Tax Calendar - Dates and Actions - March 2007 Link

Employer payroll deadlines (from Publication 509)

April 2

Electronic filing of Forms W-2. File Copy A of all the Forms W-2 you issued for 2006. This due date applies only if you electronically file. The due date for giving the recipient these forms remains January 31.

Electronic filing of Forms W-2G. File copies of all the Forms W-2G you issued for 2006. This due date applies only if you electronically file (not by magnetic media). The due date for giving the recipient these forms remains January 31. For information about filing Forms W-2G electronically, see Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Magnetically.

Electronic filing of Forms 8027. File Forms 8027 for 2006. This due date applies only if you electronically file (not by magnetic media).

Internal Revenue Bulletin 2007-11, March 12, 2007

This issue includes Revenue Ruling 2007-12 about "Payroll taxes on deferred compensation" and Revenue Procedure 2007-24 about "Substitute tax forms and schedules". Link

Tax filing tips for 2007 Link

New forms and publications

The following documents have been published in the past week:

• 0307 Inst 941 (PR) Instructions for Form 941 Employer's Quarterly Federal Tax Return (Puerto Rico) Link
  
  
• 1206 Publ 1542 Per Diem Rates Link
  
  
• 2006 Publ 560 Retirement Plans for Small Business (SEP, SIMPLE and Qualified Plans) Link

...US Tax News - Latest

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