Taxpayers and tax preparers have been highly impacted by the quickly-changing COVID-19 mandates from the US government and the IRS. Team Rapidly is here to help keep you informed in our dynamic tax code landscape! For taxpayers that filed tax returns between the normal tax filing deadline of April 15, 2020 and the extended deadline of July 15, 2020:
Those who overpaid tax should expect to receive interest payments on their tax refund, in accordance with the IRS' quarterly interest rates
These interest payments may be sent separately from your tax refund
For taxpayers that filed tax returns after the extended deadline of July 15, 2020:
Those who underpaid tax should expect to begin accruing interest penalties on their tax bill starting on July 16, 2020
As we wrap up the 2020 tax season on July 15, this is a crucial time for taxpayers and tax preparers to stay informed about additional interest from your tax refund or tax bill. For more information on IRS interest payments and interest rates, please read the recent statement from the IRS.