Nation

IRS News:

The Internal Revenue Service (IRS) has announced that interest rates will remain the same for the calendar quarter beginning Oct. 1.

The rates will be:

• 3 percent for overpayments [two percent in the case of a corporation];
• 3 percent for underpayments;
• 5 percent for large corporate underpayments; and
• 1/2 percent for the portion of a corporate overpayment exceeding $10,000.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus Read More

1987 AFGE Local 648 march in a 1987 Labor Day parade in Chicago, Ill. Courtesy/USDOL

Staff Report

The last major holiday of summer, Labor Day celebrates the American worker.

Observed on the first Monday in September, Labor Day pays tribute to the contributions and achievements of American workers. It was created by the labor movement in the late 19th century and became a federal holiday in 1894. Labor Day also symbolizes the end of summer for many Americans, and is celebrated with parties, parades and athletic events.

The Knights of Labor, a labor union of tailors in Philadelphia, held the first Read More

IRS News:

PHOENIX – The U.S. Department of the Treasury and the Internal Revenue Service (IRS) Thursday ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.

The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.

The ruling implements federal tax aspects of the June 26 Supreme Court decision invalidating a key provision of the 1996 Defense of Marriage Act.

Under the ruling, Read More