Submitted By: someone
Answered: October 6, 2020 12:18 am

What interest does the IRS charge for taxes that are not paid in full?

The IRS sets an interest rate each quarter that is applicable to underpayments by individuals. The rate for the third and fourth quarters of 2020 is 3%. You can see all interest rates listed by the National Association of Tax Professionals at https://bit.ly/3bVcCmw.

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Tax Glossary

Percentage depletion

A deduction method that applies a fixed percentage to the gross income generated by mineral property.

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