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What is the IRS AFR for July 2021?

AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications. The Section 7520 interest rate for July 2021 is 1.2 percent.

What is the imputed interest rate for 2022?

For example, in August of 2022, the AFR for loans of less than 3 years was 2.88%. If you loan someone money at no interest, or at 0.25%, or at any rate below 2.88%, you have to deal with imputed interest.

Which source of law is most binding on the IRS?

Statutes are the primary source of federal tax law; they are the supreme law of the land outside of the Constitution (and Tax Treaties, discussed below).

What is current 7520 rate?

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for June 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications. The Section 7520 interest rate for June 2022 is 3.60 percent.

Who is the IRS owned by?

The IRS is a bureau of the Department of the Treasury and one of the worlds most efficient tax administrators.

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