Interest rates: underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning January 1, 2023, will be 7 percent for overpayments (6 percent in the case of a corporation), 7 percent for underpayments, and 9 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 4.5 percent.

26 CFR 301.6621-1: Interest rate.

Announcement 2022-26 notifies taxpayers that payments by the County of Suffolk in the state of New York to residential property owners under Suffolk County’s Septic Improvement Program (SIP Program) are not required to be included in the gross income of the payment recipients for Federal income tax purposes. The Secretary of Agriculture has determined that the SIP Program payments are primarily for the purpose of conserving soil and water resources and protecting or restoring the environment. This announcement provides a determination that the SIP Program payments do not increase substantially the annual income derived from the property within the meaning of § 126(b)(1)(B) of the Code and meet the other requirements of section 126. Therefore, the payments are not required to be included in the gross income of the payment recipients. In addition, the announcement provides that Suffolk County does not have an information reporting obligation under § 6041 with respect to the payments under the SIP Program.

This revenue ruling provides tables of covered compensation under § 401(l)(5)(E) of the Internal Revenue Code and the Income Tax Regulations thereunder, for the 2023 plan year.

26 CFR 1.401(l)-1: Permitted disparity in employer-provided contributions or benefits

Revocation of IRC 501(c)(3) Organizations for failure to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under IRC 170(b)(1)(A).

Serves notice to potential donors of a stipulated decision by the United States Tax Court in declaratory judgment proceedings under Section 7428.

This announcement reminds State and local housing credit agencies of an impending deadline applicable to certain allocations of housing credit dollar amounts under § 42 of the Internal Revenue Code.