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December 2, 2011 9:24 pm
IRS Interest Rates Unchanged for the First Quarter of 2012
The interest rate that individuals will pay on underpayments remains at 3% for the first quarter of 2012. The interest rate that the IRS will pay on overpayments (tax refunds) will also be 3%. Most ordinary tax refunds do not earn interest. The IRS does not have to pay interest on tax refunds made within 45 days of the return
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Tax Glossary
Accountable reimbursement plan
An employer reimbursement or allowance arrangement that requires you to adequately substantiate business expenses to your employer, and to return any excess reimbursement.
