Submitted By: someone
Answered: October 6, 2020 12:18 am

What interest does the IRS charge for taxes that are not paid in full?

The IRS sets an interest rate each quarter that is applicable to underpayments by individuals. The rate for the third and fourth quarters of 2020 is 3%. You can see all interest rates listed by the National Association of Tax Professionals at https://bit.ly/3bVcCmw.

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Tax Glossary

Inter vivos or lifetime trust

A trust created during the lifetime of the person who created the trust. If irrevocable, income on the trust principal is generally shifted to the trust beneficiaries.

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