Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Industry Discussions
- :
- Tax Talk
- :
- Applicable AFR rate for service warranty income method
Applicable AFR rate for service warranty income method
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Anitha
Level 1
02-02-2021
07:10 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
This discussion has been locked.
New comments cannot be posted on this discussion anymore. Start a
new discussion
1 Comment 1
qbteachmt
Level 15
02-03-2021
12:11 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
