IRS announces new Interest Rates on Overdue Taxes for both Individuals and Corporations Effective September 30, 2011!
The IRS announced new interest rates on overdue taxes for both Individuals and Corporations effective September 30, 2011. The new rates on overdue taxes will now be 3%. The interest rates on Corporations will be 5% for Corporations that owe more than $100,000.
The IRS also stated for Tax Refunds, the IRS will pay Individuals 3% and 2% to Corporation. But, for Corporate Refunds in excess of $10,000 the Interest Rate on the Excess is 0.5%!