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Part 20. Penalty and Interest

Chapter 2. Interest

Section 2. Legal Authorization

20.2.2  Legal Authorization

20.2.2.1  (07-31-2001)
Authorization

  1. In accordance with Internal Revenue Code (IRC) sections 6601 (a) and (b) and 6611, the payment of interest is required unless specifically prohibited by law or mutual agreement.

    1. IRC section 6601(a) states that if any amount of tax is not paid on or before the last date prescribed for payment, interest on such amount at the underpayment rate established under IRC section 6621 shall be paid for the period from such last date to the date paid.

    2. IRC section 6601(b) states that the last date prescribed for payment shall be determined without regard to any extension of time for payment or any installment agreement entered into under IRC section 6159.

    3. IRC section 6611(a) states that interest shall be allowed and paid upon any overpayment of any tax at the overpayment rate established under IRC section 6621.

  2. IRC section 6621 establishes an adjustable interest rate, on overpayments or underpayments of tax, tied to the federal short-term interest rate.

20.2.2.2  (07-31-2001)
Due Dates

  1. This section explains the due dates of various types of tax returns.

  2. When a due date falls on a Saturday, Sunday, or legal holiday, the return will be considered timely filed if it is filed on the next succeeding day that is not a Saturday, Sunday, or legal holiday. IRC Section 7502.

    Note:

    This rule does not change the actual due date of the return.

  3. See Exhibit 20.2.2–1 for return due dates.

  4. The term "legal holiday" means a legal holiday in the District of Columbia and, in the case of an act required to be performed in any office of the Internal Revenue Service located outside the District of Columbia, a statewide holiday in the state where such office is located.

  5. Statewide legal holidays and the legal holidays in the District of Columbia are:

    • January 1, New Year's Day

    • Third Monday in January, Martin Luther King Day

    • January 20, when such day is Inauguration Day (every fourth year) in the District of Columbia only

    • Third Monday in February, President's Day

    • Last Monday in May, Memorial Day

    • July 4, Independence Day

    • First Monday in September, Labor Day

    • Second Monday in October, Columbus Day

    • November 11, Veterans' Day

    • Fourth Thursday in November, Thanksgiving Day

    • December 25, Christmas Day

    • Certain Statewide Legal Holidays (e.g., Patriots Day)

    • April 27, 1994, was designated as a legal holiday due to the death of former President Richard M. Nixon

Exhibit 20.2.2-1  (07-31-2001)
Return Due Date Chart

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