The IRS spells it out loud and clear that taxpayers owe the agency interest and penalties for late payments, but it's significantly quieter about the fact that if the IRS is late giving you your tax refund, it will owe interest to you.
If the IRS doesn't issue you your refund within 45 days of the returns due date or the date it accepted your tax return (whichever comes later), it owes you interest for every day that the refund is late.
- If you file your return on or after April 15, IRS has an administrative time (typically 45 days) to process your return without paying interest on your refund.
- Your return must be complete and signed.
- If IRS pays you interest, then interest on the refund will start on the return due date, late filed return received date, or date the payment was made, whichever is the latest.
- The return due date is generally April 15.
I found this on irs.gov
Of course the April 15 date is now July 15 and there is no updated information about how this pandemic will affect the dates and decisions made.
