TAX BLOG

IRS Decides to Make Interest Payments on Delayed Tax Refunds

You read that correctly, no it isn’t a typo. Last week, the IRS announced that if you’re still waiting on your federal tax refund, the government is going to tack on some interest in an effort to make up for your wait. For some, the interest could be quite noticeable. The official statement from the IRS states that “interest on individual 2019 refunds reflected on returns filed by July 15, 2020 will generally be paid from April 15, 2020 until the date of the refund. Interest payments may be received separately from the refund. By law, the interest rate on both overpayment and underpayment of tax is adjusted quarterly. The interest rate for the second quarter, ending on June 30, 2020, is 5% p

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