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March 21, 2012 Tax Watch: The IRS has released prescribed rates for federal income tax purposes for April 2012. The annual short-term, mid-term, and long-term applicable federal interest rates (AFRs) are 0.25 percent, 1.15 percent, and 2.72 percent, respectively. The semiannual short-term, mid-term, and long-term AFRs are 0.25 percent, 1.15 percent, and 2.70 percent, respectively. Quarterly short-term, mid-term and long-term AFRs are 0.25 percent, 1.15 percent, and 2.69 percent, respectively. Finally, the monthly short-term, mid-term, and long-term rates are 0.25 percent, 1.15 percent, and 2.68 percent, respectively.

Applicable Federal Rates Released for April 2012

  • 3/21/2012

The IRS has released prescribed rates for federal income tax purposes for April 2012. The annual short-term, mid-term, and long-term applicable federal interest rates (AFRs) are 0.25 percent, 1.15 percent, and 2.72 percent, respectively. The semiannual short-term, mid-term, and long-term AFRs are 0.25 percent, 1.15 percent, and 2.70 percent, respectively. Quarterly short-term, mid-term, and long-term AFRs are 0.25 percent, 1.15 percent, and 2.69 percent, respectively. Finally, the monthly short-term, mid-term, and long-term rates are 0.25 percent, 1.15 percent, and 2.68 percent, respectively.

The short-term, mid-term, and long-term adjusted applicable federal rates (adjusted AFR) for April 2012 for purposes of Code Sec. 1288(b) are 0.22 percent, 0.95 percent, and 3.04 percent, respectively, when annual compounding is used.

In addition, the Code Sec. 382 adjusted federal long-term rate is 3.04 percent, and the long-term tax-exempt rate is 3.26 percent. The Code Sec. 42(b)(1) appropriate percentage for the 70 percent present-value, low-income housing credit is 7.44 percent, and the appropriate percentage for the 30 percent present-value, low-income housing credit is 3.19 percent.

Finally, the Code Sec. 7520 AFR for determining the present value of an annuity, an interest for life or a term of years, or a remainder or reversionary interest, is 1.40 percent.

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