This release incorporates further improvements to date handling and corrects the rate for Montana (see the instructions for line 17 of the 2020 version of Form CIT-UT [This form was later revised and move by the state—see below]). For the major changes in Instant Interest the 2nd quarter, see the release notes for version 21.2.0.0.

Note: The referenced version of Form CIT-UT was in error. The correct rate is 6.25%. Release 21.3.0.0 reverts this error base on the “Late Fees, Interest, and Penalties” updated by the state of Montana on May 13, 2021.

This release corrects a date handling bug that was introduced with the major changes in version 21.2.0.0.

Program Changes

This release adds a new field, Taxpayer State, to the input panels. This field is used to determine eligibility for payment extensions in cases where the financial presence of a business in a state is a factor in determining eligibility. It does not apply to cases where blanket extensions are granted, as was the case in 2020 when tax relief was granted to all taxpayers due to the coronavirus (COVID-19) pandemic. In 2021 the IRS and the states of Louisiana, Oklahoma, and Texas granted payment extensions for businesses with financial operations in those three states due to the severe winter storms that occurred there. What constitutes financial operations that qualify a business to receive the automatic extensions varies by jurisdiction. Customers should consult the respective declarations to determine eligibility: Continue reading →

This release corrects a bug that was introduced in the logic for COVID-19 deadline extensions. The symptom of this error is that when a user calculates a schedule from a newly entered set of values, the program displays the prompt “Is this interest due on income from oil and gas production?” That prompt is applicable only to calculation of Alaska taxes for the year 2017. It did not affect calculations on saved values.

Note: You can expect another interim release within the next two weeks that implements the disaster-related extensions for businesses affected by the winter storms in Texas, Oklahoma, and Louisiana.

The following changes are implemented in this version of Instant Interest effective January 1, 2021:

• Florida changed from 9.00% to 7.00% for both underpayments and overpayments.
• Georgia changed from 7.75% to 6.25% for both underpayments and overpayments.
• Iowa changed from 7.00% to 6.00% for both underpayments and overpayments. Continue reading →

The only change effective October 1, 2020, is the Missouri refund rate, which dropped from 1.90% to 1.80%.

Three changes effective January 1, 2021, were implemented:

• Idaho will reduce its rate from 4.00% to 2.00% for both overpayments and underpayments.
• Kentucky will reduce its rate from 7.00% to 5.00% for underpayments and from 3.00% to 1.00% for overpayments.
• New Hampshire will reduce its rate from 7.00% to 5.00% for underpayments and from 4.00% to 2.00% for overpayments. Continue reading →

Third quarter rate changes were made in the 20.2.0.2 release, which was available to customers enrolled in the online update program. The following changes are implemented in this release:

• An exception was created so that the extension of the due date to July 15, 2020, for taxes due between April 15 and July 14, 2020, does not apply to taxes on Alaska Oil and Gas production revenues.
• A future change was entered for a change announced by the State of Colorado effective January 1, 2021, from 9.00% to 6.00% for both overpayments and underpayments

This is an interim release. It updates rates that were published prior to June 30, 2020. It does not take the place of the third quarter release (20.3.0.0). It reflects the following rate changes effective July 1, 2020:

• Alabama changed from 5.00% to 3.00% for both underpayments and overpayments.
• Arizona changed from 5.00% to 3.00% for both underpayments and overpayments.
• Federal changed from 5.00% to 3.00% for underpayments and 4.00% to 2.00% for overpayments. Continue reading →

This release implements payment due date extensions that various tax jurisdictions have granted in response to the coronavirus/COVID-19 pandemic. Most tax jurisdictions have granted extensions for payment of taxes due in certain date ranges in 2020. With the 20.2.0.1, the following extensions have been implemented: Continue reading →

This release reflects the following rate changes effective April 1, 2020:

• Alaska changed from 7.50% to 5.50% for both underpayments and overpayments.
• Missouri’s rate for overpayments changed from 2.10% to 2.00% effective April 1, 2020; the rate for underpayments remained unchanged at 5.00%.

The release also includes a change to California‘s rate for underpayments from 6.00% to 5.00% retroactive to January 1, 2020. That change had not yet been published when the 20.1.0.0 release was created. The rate for overpayments remained unchanged at 2.00%. Continue reading →