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Archive for February 24th, 2012

Interest on Back Taxes

Posted by taxguru on February 24, 2012

IRS Interest Rates Remain the Same for the Second Quarter of 2012

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2012.  The rates will be:  

  • three (3) percent for overpayments (two (2) percent in the case of a corporation);
  • three (3) percent for underpayments;
  • five (5) percent for large corporate underpayments; and
  • one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.

With the record low interest rates in the market, it would be nice if some of the States also brought their interest rates into line with everyone else. For example, Arkansas has always charged 10%.  As you can see in this chart from the TaxInterest program, some states even charge much more than that.


From Tax Info

TaxCoach Software: Finally! Plain-English Tax Planning That Builds Your Business!

Posted in IRS | Comments Off on Interest on Back Taxes

Posted by taxguru on February 24, 2012

IRS still experiencing delays in sending tax refunds – I have been hearing about a lot of snags in the IRS’s electronic filing system from other tax preparers.  It just makes me glad I have stuck to my policy of only preparing paper tax returns.


Posted in E-Filing, IRS | Comments Off on