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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- Applicable AFR rate for service warranty income method
Applicable AFR rate for service warranty income method
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Anitha
Level 1
02-02-2021
07:10 PM
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During income calculation using service warranty income method, what should we take as AFR rate when the federal rate is 0.15% (which is what the short term AFR is for Dec 2020).
The guidelines say we should round it to nearest full percent. Should this be zero or 1% ?
Much appreciate any help
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1 Comment 1
qbteachmt
Level 15
02-03-2021
12:11 PM
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Typical Fed rounding is: first 5 go down, second 5 go up.
1.0, 1.1, 1.2, 1.3, and 1.4 = 1.0
1.5, 1.6, 1.7, 1.8, and 1.9 = 2.0
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