IRS now pays 4% interest on late payments to individual filers, and that could soon rise even more. onyourside irs taxrefund alabamanewsnetwork
Under the tax code, interest begins accruing 45 days after the mid-April deadline. That means during those years when taxpayers were granted extensions, the IRS had to issue interest payments on refunds covering periods ahead of when the returns were technically due.
"Probably not," replied Bill Smith, the national director of tax technical services at CBIZ Inc., when asked if he thought most Americans are aware that the government pays interest on late refunds. Still, for those whose refunds are delayed, a longer wait will likely be rewarded with the government paying an even higher rate of interest. Adjusted quarterly and tied to short-term interest rates, the current 4% rate paid to individual filers took effect in April, up a percentage point from the previous quarter.
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