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Service Tax Rate

The Internal Revenue Service (IRS) is the United States federal government agency that collects taxes and enforces the internal revenue laws. It is an agency within the U.S. Department of the Treasury and is responsible for interpretation and application of Federal tax law.

During 2006, the IRS collected more than $2.2 trillion in tax net of refunds, about 44 percent of which was from the individual income tax. This is due partially to the nature of the individual income tax category; containing taxes collected from working class, small business, self-employed, and capital gains. The top 5 percent of income earners pay 60 percent of the Individual Income Tax. Forty percent of American citizens and residents pay no income tax at all.

As of 2007, the agency estimates it is owed $300 billion more than it collects. Although the IRS starting outsourcing debt collection in September of 2006, they decided to stop the practice in March of 2009. As of October of 2009, the IRS stopped using private debt collection agencies.

On November 23, 2009, the Internal Revenue Service announced that interest rates for the calendar quarter beginning January 1, 2010, will remain the same as they were in the prior quarter. The rates will be:

* four percent for overpayments three percent for a corporation;

* four percent for underpayments;

* six percent for large corporate underpayments; and

* 1.5 percent for the portion of a corporate overpayment exceeding $10,000.

"Under the Internal Revenue Code," says the article on irs.gov, "The rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate during October 2009 to take effect November 1, 2009, based on daily compounding.'

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