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Take the Uncertainty Out of Calculating IRS Interest and Penalties

Accurate interest and penalty calculations shouldn’t be difficult. Checking an IRS transcript. Preparing an amended return or a return for a late or non-filer. Determining penalty amounts. TaxInterest software is the professional standard that helps you calculate the correct amounts – easily, reliably, and with no guesswork.

Verify IRS Interest

TAXINTEREST SETS THE BAR HIGH FOR ACCURACY

  • Simplify calculation of both individual and corporate interest
  • Calculate Federal (Section 6621) underpayment interest from 1954
  • Determine large corporate “Hot” interest
  • Calculate GATT overpayment interest refund automatically
  • Produce interest and penalty accruals for FIN 48 (ASC 740-10) uncertain tax positions (UTPs)
  • Automatically calculate interest on penalties and specify notice dates
Verify IRS Penalties

COMPUTE THE POTENTIAL EXPOSURE FOR PAST DUE TAXES

  • Verify figures from IRS or state transcripts with confidence
  • Quickly calculate common federal penalties including Failure to File 6651(a)(1), Failure to Pay Tax Shown 6651(a)(2), and Failure to Pay Amount Assessed 6651(a)(3)
  • Accuracy Related penalties include Negligence 6662(c), Substantial Understatement 6662(d), Fraud (6663), and more
  • Create detailed reports to document your work
State Interest Calculations

CALCULATE UNDERPAYMENT AND OVERPAYMENT INTEREST FOR ALL STATES WITH INCOME TAXES

  • Individual and corporate calculations
  • Computation methodologies for each state
  • Calculate Canadian federal, provincial, and territorial interest
  • Customize rates as needed for sales tax, estate tax, lookback, excise, and more
  • Produce interest accruals for FIN 48 uncertain tax positions (UTPs)
  • Catch and eliminate costly mistakes
Detailed Reports

TAXINTEREST REPORTS ARE WIDELY RECOGNIZED BY TAXING AUTHORITIES

  • A great tool if there is a discrepancy with the IRS or state agency
  • Reports display rates, calculation methods, monthly interest accruals, factors, and more
  • Professional and easy to read
System Requirements

TaxInterest System Requirements

  • Computer: 1 GHz or higher
  • Operating System: Windows XP or higher and Windows Server 2003 or higher
    (Citrix is being used successfully with no known issues in this environment)
  • Memory: At least 10MB RAM
  • Hard Disk Space: At least 5MB free disk space

Explore TaxInterest

The TaxInterest software interface makes your task simple. It is equally useful for doing a quick what-if calculation for an interest projection or for tying out the numbers on a state or IRS transcript.

TaxInterest Takes the Unknown Out of Calculating IRS Interest and Penalties

Enter Tax and Payment Amounts

Enter Tax and Payment Amounts

Simple event entry makes it easy to catch errors and provide comprehensive service to your clients.

Check Penalty <br> Notices

Check Penalty
Notices

Double-check IRS and state interest and penalty notices in minutes or be proactive before a notice arrives.

 Produce Reports to Back-up your Numbers

Produce Reports to Back-up your Numbers

TaxInterest reports are widely recognized as the standard in documenting calculations.

Watch a Short Video on the Capabilities of
TaxInterest Software

Pricing

$198
Single License
$149
Each Additional User
 
(Annual Update Service is $99 for the initial user and $50 per each additional user)

All TimeValue Software products come with a one year money-back guarantee, so your purchase is risk free.
 

Frequently Asked Questions

Are the state's interest calculation methods built into the program?

Many states calculate interest differently from daily compounding to annual compounding to exact days with simple interest. The calculation methodology is built in for each state.

Can I use TaxInterest for other past due tax amounts other than income taxes?

The IRS has one interest rate and some deviations from that. Most states have one interest rate for all their taxes. So the answer is probably yes. There are a few states that have different rates for different taxes. You can build custom tables in TaxInterest too.

TaxInterest Buy now

How many TaxInterest licenses do you need?

All TimeValue Software products come with a one year money-back guarantee, so your purchase is risk free.

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