The Internal Revenue Service still owes millions of Americans their tax refunds and will likely have to pay interest due to a serious backlog in processing.
Americans for Tax Reform President Grover Norquist on the debt ceiling, taxes, spending and infrastructure negotiations and the possible expansion of the IRS.
Interest rates are adjusted every quarter depending on the federal short-term rate. The current interest rate is 5%, but it is slated to increase to 6% on Oct. 1, the IRS announced this week.IRS interest payments surged 33% in the fiscal year 2021, with the tax-collecting agency paying out nearly $3.3 billion for individual returns, the U.S. Government Accountability OfficeWhere’s My RefundAs of late May, the IRS still had roughly 21.
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