Michael Hogberg, EA

IRS Interest Rates Increasing July 1, 2022

IR-2022-107, May 20, 2022 WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be: 5% for overpayments (4% in the case of a corporation).2.5% for the portion of a...

Michigan: MBT and CIT Loss Update

TAXPAYER THAT ELECTED TO FILE UNDER THE MBT ACT CANNOT CLAIMMBT BUSINESS LOSS CARRYFORWARDS ON CIT RETURNS On February 18, 2022, the Court of Claims granted summarydisposition in favor of Treasury in International AutomotiveComponents Group North America, Inc., v...