27 CFR 70.92 - Interest on overpayments.

§ 70.92 Interest on overpayments.
(a) General rule. Except as otherwise provided, interest shall be allowed on any overpayment of any tax at the overpayment rate referred to in § 70.93 of this part from the date of overpayment of the tax.
(b) Date of overpayment. Except as provided in section 6401(a) of the Internal Revenue Code, relating to assessment and collection after the expiration of the applicable period of limitation, there can be no overpayment of tax until the entire tax liability has been satisfied. Therefore, the dates of overpayment of any tax are the date of payment of the first amount which (when added to previous payments) is in excess of the tax liability (including any interest, addition to the tax, or additional amount) and the dates of payment of all amounts subsequently paid with respect to such tax liability.
(c) Period for which interest is allowable in case of refunds. If an overpayment of tax is refunded, interest shall be allowed from the date of the overpayment to a date determined by the appropriate TTB officer which shall not be more than 30 days prior to the date of the refund check. The acceptance of a refund check shall not deprive the taxpayer of the right to make a claim for any additional overpayment and interest thereon, provided the claim is made within the applicable period of limitation. However, if a taxpayer does not accept a refund check, no additional interest on the amount of the overpayment included in such check shall be allowed.
(d) Period for which interest allowable in case of credits—
(1) General rule. If an overpayment of tax is credited, interest shall be allowed from the date of overpayment to the due date (as determined under paragraph (d)(2) of this section of the amount against which such overpayment is credited.
(2) Determination of due date—
(i) General. The term due date, as used in this section, means the last day fixed by law or regulations for the payment of the tax (determined without regard to any extension of time), and not the date on which the appropriate TTB officer makes demand for the payment of the tax. Therefore, the due date of the tax is the date fixed for the payment of the tax;
(ii) Tax not due yet. If a taxpayer agrees to the crediting of an overpayment against tax and the schedule of allowance is signed prior to the date on which such tax would otherwise become due, then the due date of such tax shall be the date on which such schedule is signed;
(iii) Interest. In the case of a credit against interest that accrues for any period ending prior to January 1, 1983, the due date is the earlier of the date of assessment of such interest or December 31, 1982. In the case of a credit against interest that accrues from any period beginning on or after December 31, 1982, such interest is due as it economically accrues on a daily basis, rather than when it is assessed.
(iv) Additional amount, addition to the tax, or assessable penalty. In the case of a credit against an additional amount, addition to the tax, or assessable penalty, the due date is the earlier of the date of assessment or the date from which such amount would bear interest if not satisfied by payment or credit.
[T.D. ATF-251, 52 FR 19314, May 22, 1987, as amended by T.D. ATF-301, 55 FR 47614, Nov. 14, 1990; T.D. ATF-358, 59 FR 29367, June 7, 1994]

Title 27 published on 2014-04-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

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United States Code
U.S. Code: Title 5 - GOVERNMENT ORGANIZATION AND EMPLOYEES
U.S. Code: Title 26 - INTERNAL REVENUE CODE

§ 4181 - Imposition of tax

§ 4182 - Exemptions

§ 5123 - Preservation and inspection of records, and entry of premises for inspection

§ 5203 - Entry and examination of premises

§ 5207 - Records and reports

§ 5275 - Records and reports

§ 5367 - Records

§ 5415 - Records and returns

§ 5504 - Operation

§ 5555 - Records, statements, and returns

§ 5684 - Penalties relating to the payment and collection of liquor taxes

§ 5741 - Records to be maintained

§ 5761 - Civil penalties

§ 5802 - Registration of importers, manufacturers, and dealers

§ 6020 - Returns prepared for or executed by Secretary

§ 6021 - Listing by Secretary of taxable objects owned by nonresidents of internal revenue districts

§ 6064 - Signature presumed authentic

§ 6102 - Computations on returns or other documents

§ 6155 - Payment on notice and demand

§ 6159 - Agreements for payment of tax liability in installments

§ 6201 - Assessment authority

§ 6203 - Method of assessment

§ 6204 - Supplemental assessments

§ 6301 - Collection authority

§ 6303 - Notice and demand for tax

§ 6311 - Payment of tax by commercially acceptable means

§ 6313 - Fractional parts of a cent

§ 6314 - Receipt for taxes

§ 6321 - Lien for taxes

§ 6323 - Validity and priority against certain persons

§ 6325 - Release of lien or discharge of property

§ 6326 - Administrative appeal of liens

§ 6331 - Levy and distraint

§ 6332 - Surrender of property subject to levy

§ 6333 - Production of books

§ 6334 - Property exempt from levy

§ 6335 - Sale of seized property

§ 6336 - Sale of perishable goods

§ 6337 - Redemption of property

§ 6338 - Certificate of sale; deed of real property

§ 6339 - Legal effect of certificate of sale of personal property and deed of real property

§ 6340 - Records of sale

§ 6341 - Expense of levy and sale

§ 6342 - Application of proceeds of levy

§ 6343 - Authority to release levy and return property

§ 6401 - Amounts treated as overpayments

§ 6402 - Authority to make credits or refunds

§ 6403 - Overpayment of installment

§ 6404 - Abatements

§ 6407 - Date of allowance of refund or credit

§ 6416 - Certain taxes on sales and services

§ 6423 - Conditions to allowance in the case of alcohol and tobacco taxes

§ 6501 - Limitations on assessment and collection

§ 6502 - Collection after assessment

§ 6503 - Suspension of running of period of limitation

§ 6511 - Limitations on credit or refund

§ 6513 - Time return deemed filed and tax considered paid

§ 6514 - Credits or refunds after period of limitation

§ 6532 - Periods of limitation on suits

§ 6601 - Interest on underpayment, nonpayment, or extensions of time for payment, of tax

§ 6602 - Interest on erroneous refund recoverable by suit

§ 6611 - Interest on overpayments

§ 6621 - Determination of rate of interest

§ 6622 - Interest compounded daily

§ 6651 - Failure to file tax return or to pay tax

§ 6653 - Failure to pay stamp tax

§ 6656 - Failure to make deposit of taxes

§ 6657 - Bad checks

§ 6658 - Coordination with title 11

§ 6665 - Applicable rules

§ 6671 - Rules for application of assessable penalties

§ 6672 - Failure to collect and pay over tax, or attempt to evade or defeat tax

§ 6701 - Penalties for aiding and abetting understatement of tax liability

§ 6723 - Failure to comply with other information reporting requirements

§ 6801 - Authority for establishment, alteration, and distribution

§ 6862 - Jeopardy assessment of taxes other than income, estate, gift, and certain excise taxes

§ 6863 - Stay of collection of jeopardy assessments

§ 6901 - Transferred assets

§ 7011 - Registration—persons paying a special tax

§ 7101 - Form of bonds

§ 7102 - Single bond in lieu of multiple bonds

§ 7121 - Closing agreements

§ 7122 - Compromises

§ 7207 - Fraudulent returns, statements, or other documents

§ 7209 - Unauthorized use or sale of stamps

§ 7214 - Offenses by officers and employees of the United States

§ 7304 - Penalty for fraudulently claiming drawback

§ 7401 - Authorization

§ 7403 - Action to enforce lien or to subject property to payment of tax

§ 7406 - Disposition of judgments and moneys recovered

§ 7423 - Repayments to officers or employees

§ 7424 - Intervention

§ 7425 - Discharge of liens

§ 7426 - Civil actions by persons other than taxpayers

§ 7429 - Review of jeopardy levy or assessment procedures

§ 7430 - Awarding of costs and certain fees

§ 7432 - Civil damages for failure to release lien

§ 7502 - Timely mailing treated as timely filing and paying

§ 7503 - Time for performance of acts where last day falls on Saturday, Sunday, or legal holiday

§ 7505 - Sale of personal property acquired by the United States

§ 7506 - Administration of real estate acquired by the United States

§ 7513 - Reproduction of returns and other documents

§ 7601 - Canvass of districts for taxable persons and objects

§ 7602 - Examination of books and witnesses

§ 7603 - Service of summons

§ 7604 - Enforcement of summons

§ 7605 - Time and place of examination

§ 7606 - Entry of premises for examination of taxable objects

§ 7608 - Authority of internal revenue enforcement officers

§ 7609 - Special procedures for third-party summonses

§ 7610 - Fees and costs for witnesses

§ 7622 - Authority to administer oaths and certify

§ 7623 - Expenses of detection of underpayments and fraud, etc.

§ 7653 - Shipments from the United States

§ 7805 - Rules and regulations