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Archive by Month: December 2022

2022 Year in Review: What Do New Jersey Taxpayers Need to Know in 2023?

Offshore Account Update

Posted in on December 30, 2022

As we head into 2023, taxpayers in New Jersey need to prioritize compliance. The IRS has made clear that it intends to ramp up its enforcement efforts in the years to come, and its Strategic Plan for Fiscal Years 2022-2026 highlights several enforcement priorities. With this in mind, here are some of our key insights from 2022 that taxpayers can (and should) carry into 2023.

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IRS Increases Underpayment Interest Rates for 2023

Offshore Account Update

Posted in on December 16, 2022

When taxpayers pay the Internal Revenue Service (IRS) less than they owe, interest begins to accrue immediately. Underpayment interest is calculated as a percentage of the unpaid amount, and this percentage changes based on fluctuations in the federal short-term rate.

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