JUNE BULLETIN

CLIENT LINE

The Restaurant Revitalization Fund is dead

After months of political jockeying, the Restaurant Revitalization Fund is officially dead. On Thursday, May 19, the Senate voted down the Small Business COVID Relief Act of 2022, which would’ve added $40 billion in relief for the thousands of restaurant owners across the country still struggling after shutdowns, staffing shortages, and more operational woes caused by the COVID-19 pandemic. Put simply, restaurateurs can be all but assured that no more assistance is on the way from the federal government.

IRS interest rates increase for the third quarter of 2022

As inflation and interest rates spiral upward, the Internal Revenue Service is increasing its interest rates for the third quarter of the year. The IRS 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 corporate overpayment exceeding $10,000
• 5% for underpayments
• 7% for large corporate underpayments
• Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points.

Dates to Remember
June 15th – Second Quarter Federal and Pennsylvania individual and corporate estimated tax payments for 2022 are due.

Fourth of July Hours
In honor of America’s Birthday, our office will be closed on Monday, July 4th and will reopen on Tuesday, July 5th. 

Have a safe and happy holiday!