IRS Interest Rates Finally Start to Rise
It seems like forever that the interest that the IRS will pay or collect on tax refunds/underpayments has been stuck at 3%. The IRS just announced today that beginning April 1, 2016, the interest rate will rise to 4% for most taxpayers. In some case, large corporations will pay 6% on refunds and will only receive 1.5% on amounts owed to them in excess of $10,000.
Paul Neiffer, CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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