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Tax Drill - Interest Applicable to Federal Tax Underpayments Complete the following statements regarding the interest applicable to Federal tax underpayments and overpayments. IRS interest

Tax Drill - Interest Applicable to Federal Tax Underpayments

Complete the following statements regarding the interest applicable to Federal tax underpayments and overpayments.

IRS interest is compounded _________ . IRS Deficiency Assessments Interest usually accrues from the___________ until ____________ days after the taxpayer agrees to the deficiency by signing Form 870.

If an overpayment is refunded to the taxpayer within ____________ days after the date the return is filed or is due, no interest is allowed. When the taxpayer files an amended return or makes a claim for refund of a prior year's tax, interest is authorized from the ___________ due date of the return through the date when the____________ .

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