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If you owe IRS unpaid taxes, you will pay IRS higher interest in 2016

Today, Wednesday, December 16, 2015, the Federal Reservce Bank raised interest rates by 0.25 per cent.

Based upon this increase by the Federal Reserve Bank, Wells Fargo Bank increased their Prime Rate to 3.50%.

The Internal Revenue Service adjusts the interest rate charged upon upnpaid taxes, based upon the Federal Reserve Bank interest rate.

It is anticipated by economists that the Federal Reserve Bank will continue to "gradually" raise rates in 2016.

Therefore, the IRS in 2016, will increase their interest rate upon unpaid taxes, in 2016.

If you have not filed or paid income tax or business tax, please call me, Richard A. Perlman, Enrolled Agent, at 702-589-7557.