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

advertisement
Tax Glossary

Tax year

A period (generally 12 months) for reporting income and expenses.

More terms