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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Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.