Underpayment Rate
Underpayment Rate means:
the rate of interest due the U.S. Internal Revenue Service on taxes that a taxpayer does not pay on time. The rate is figured as the short-term federal rate plus 3 percentage points, adjusted quarterly. Former IRC (check if this IRC provision is current here) §6621(a)(2). Compare with interest on a refund claim;
See also other Tax Terms and Definitions in U.S.A.
applicable federal rate.
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