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 IRS Federal Tax Underpayment Penalty & Interest Rates 2023

Irs Penalty Interest 2023-2025 Form

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millions of Americans could be hit with an unexpected big tax bill next year whoopee uh the IRS is now charging 8% interest on tax underpayments that's nearly triple what it was just two years ago news Nation business contributor and New York Post reporter Lydia moan with me now good morning to you Lydia so who exactly would this affect first off like I mean who's going to be shaking in their boots a little bit as they head to Walmart this morning uh it's going to be mostly contractors Consultants gig workers who basically work for themselves don't have a major corporation helping them with draw from their taxes and I think it's important to remember because we like to think oh we don't need to worry about taxes throughout the year we'll just handle that in April but the US tax system is pay as you go and so that means as you were earning throughout the year you also need to be paying uh taxes throughout the year and because inter

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