IRS to pay 5% interest on delayed tax refunds

May 26, 2022

The IRS will pay 5% in guaranteed interest to individuals with delayed tax returns beginning in July, up a percentage point from the last interest hike in April.

The agency will also pay 4% interest on delayed corporate tax returns, 5% on tax return underpayments and 7% on large corporate underpayments.

The number of delayed returns still numbers in the tens of millions, which skyrocketed during the COVID-19 pandemic as the IRS shut facilities and diverted resources to administer tax benefits. Learn more. 

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