First IRS Increase in Interest Rates since 2011
Posted by taxguru on March 16, 2016
The long streak of IRS charging 3.0% on back taxes will end on April 1, 2016, when it bumps up to 4.0%.
The “good” part of this change is that IRS will also be paying 4.0% interest to taxpayers on refunds from such things as amended tax returns. That’s a heck of a lot higher than banks are paying on savings accounts.
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