Topic
interest accrual
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IRS Outlines Penalties and Interest for Unpaid Federal Taxes After April 15 Deadline
The IRS states that taxpayers unable to pay their federal tax bill by April 15 will not face immediate enforcement actions, but penalties and interest will begin accruing immediately. The failure-to-pay penalty starts at 0.5% of the unpaid amount per month and can reach 25% of th…