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%!
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