Freighter travel may seem to have much less going on than a regular cruise ship because there are no planned activities, but there is plenty of time to read, get some sun, and take some time for yourself in the great outdoors!
Interest accrues on the unpaid balance and compounds daily from the due date of the return (without regard to any extension of time to file) until you pay the balance in full. The interest rate is the federal short-term rate plus 3%. The federal short-term rate is determined every three months. For the current quarterly interest rate on underpayments, search interest rates in the News Release and Fact Sheet Archive or quarter interest rates on IRS.gov. Failure to pay penalty is charged for failing to pay your tax by the due date. The late payment penalty is 0.5% of the tax owed after the due date, for each month or part of a month the tax remains unpaid, up to 25%.
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.nder the Internal Revenue Code, 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.