In this unusual and prolonged tax season, good things come to those who wait — like 5% interest on top of a refund.
Normally, interest on any refund doesn’t accrue until a return is filed, explained Edward Zollars of Thomas, Zollars & Lynch, certified public accountants in Phoenix, Ariz. Likewise, the IRS usually doesn’t start paying interest on refunds until 45 days from the return’s due date. Interest on refunds filed by July 15 “will generally be paid from April 15, 2020 until the date of the refund,” according to an IRS announcement.
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