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From: dgh@sun.uucp (David Hough)
Newsgroups: net.taxes
Subject: Re: Waiting for my return
Message-ID: <2173@sun.uucp>
Date: Fri, 10-May-85 22:10:13 EDT
Article-I.D.: sun.2173
Posted: Fri May 10 22:10:13 1985
Date-Received: Tue, 14-May-85 06:40:22 EDT
References: <678@mtuxo.UUCP> <3704@alice.UUCP>
Reply-To: dgh@sun.UUCP (David Hough)
Organization: Sun Microsystems, Inc.
Lines: 16

In article <3704@alice.UUCP> ark@alice.UUCP (Andrew Koenig) writes:
>> 	If you have not received your return from your Federal taxes by
>> June 1, 1985, then Uncle Sammy has to pay you interest at the rate of 13%.
>
>Just curious:  does the clock start running on June 1 or April 15?
>Also, is the interest taxable?  (probably)

The interest is taxable; I think the IRS now sends you 1099 forms the following
year to remind you to report it.  I think the clock starts on April 15, but 
I am not sure of that.

The interest rate is the same as that charged on late payments,
and is subject to change every six months.

David Hough