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IRS To Pay Interest On Late Refunds

Starting in July, the IRS will have to pay a five-percent guaranteed interest fee to individuals with delayed tax returns. That is up a percentage point from April’s last interest rate hike. The agency also pays four-percent interest on delayed corporate tax returns and five percent on underpayments on tax returns. Then there is seven percent for large corporate underpayments. They estimate they’ve paid over $14 billion in refund interest in the last seven fiscal years totaling $3.3 billion in fiscal 2021 alone.