Interest calculation for tax deduction defaults now shifts from an annual flat rate to a monthly charge, changing accrual basis. The amendment replaces the prior annual flat interest formulation for failures in tax deduction or payment with a provision measuring interest on a per ... Summary
Interest calculation for tax deduction defaults now shifts from an annual flat rate to a monthly charge, changing accrual basis.
The amendment replaces the prior annual flat interest formulation for failures in tax deduction or payment with a provision measuring interest on a per month or part of a month basis, converting interest accrual from an annual to a monthly unit of computation and taking effect from the statute's stated commencement date.
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