IRS Reduces Interest on Overdue Taxes

The IRS has reduced interest due on past due tax liaibility a full percentage point, from 4% to 3% for individuals.  Businesses owing more than $100,000 will be charged at a 5% interest rate, beginning September 30, 2011.  Unfortunately, interest on refunds will fall by the same percentage point for individuals and 2% to corporations.  Refunds for corporations in excess of $10,000 will earn interest at 0.5%.
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