[Pearls Before Swine]

Rush is probably wrong on the level of accrued penalty. I doubt the IRS interest rate on uncollected taxes is 1%. I just googled “irs rate on overdue tax” and found that, in addition to any late penalties, the interest itself is “3% over the short-term Federal rate”, whatever that is taken to be by law.

[Kaslin]

You need to reed the link in the first paragraph

[az_gila]

Rush is probably wrong on the level of accrued penalty. I doubt the IRS interest rate on uncollected taxes is 1%. I just googled “irs rate on overdue tax” and found that, in addition to any late penalties, the interest itself is “3% over the short-term Federal rate”, whatever that is taken to be by law.

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Yes, 3% over the Fed. short term rate, but compounded daily...:^)

http://www.irs.gov/taxtopics/tc653.html