IRS to pay interest on delayed refunds
Interest to be accrued beginning July 1
WASHINGTON (UPI) -- The Internal Revenue Service (IRS) said Friday it will pay 5% interest to people with delayed tax returns starting in July. That's up a full percentage point from the last interest rate increase in April. In a Friday statement, the agency said the new rates on delayed refunds, considered overpayments by the IRS, will be 4% for corporations starting July 1. The interest will be 7% on large corporate underpayments exceeding $10,000, according to the agency. Explaining how […]
