Taxpayerswho filed their tax return after April 15 this year might receive additional cash from theIRS, after the agency said it would pay interest on certain refunds. During a normal year, the IRS pays interest if it issues a refund more than 45 days after receiving your return, given that...
When must the IRS pay interest on refunds?Urban, Michael A
The IRS interest rates are adjusted quarterly, so it’s important to check the rates frequently if you owe unpaid taxes or your tax refund is delayed.
Rate The Internal Revenue Code defines the interest rate that the IRS must pay on overpayments. For individual taxpayers, that rate is the "federal short-term rate" plus 3 percentage points, rounded up to the nearest half-point. For example, when the IRS set its rates for 2010 in February...
The IRS allows you to deduct certain expenses from your total income to arrive at taxable income, which is the portion of your earnings that is subject to tax. Some of these expenses include your payments of interest on a mortgage and for business loans.
claimed interest-netting refunds for that period. The IRS denied the refund on the theory that the consolidated group could not net its overpayments with Magma Power’s underpayments because of the “same taxpayer” requirement of section 6621(d)....
The article announces the quarterly Internal Revenue Service interest rates to compute the interest on overdue accounts or underpayments and refunds or overpayments of customs duties by the U.S. Customs and Border Protection of the Department of Homeland Security, effective on October 1, 2011....
IRS pays millions in interest for delays in processing high-dollar refunds.(Internal Revenue Service)Aitoro, Jill R
Department of Homeland Security for informing the public about the quarterly Internal Revenue Service interest rates which is used for calculating interest on overdue accounts and refunds of customs duties in the U.S. This notice will be effective by April 1, 2012. A table containing information ...
The IRS allows you to deduct mortgage interest for your main home and one other qualified home each tax year. You can deduct mortgage interest on up to $750,000 in total mortgage balances. Your mortgage must be secured by your home for the interest to be deductible, meaning the l...