Thursday December 1, 2022 – Inflation has an impact most don’t notice. Inflation exasperates IRS problems. How? The IRS charges interest on all past due balances – and the interest is compounded DAILY. Yes, daily. That means, today taxpayers pay interest on interest from yesterday.
Last year at this time the IRS interest rate was 3%. The IRS just announced that the interest rate for the next quarter is 7%. More than double from last year.
Attorney Steven A. Leahy will explain how the increase in interest rates will effect real people.