{"id":28316,"date":"2017-09-18T22:15:48","date_gmt":"2017-09-18T22:15:48","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?p=28316"},"modified":"2018-05-02T13:31:59","modified_gmt":"2018-05-02T18:31:59","slug":"tax-dictionary-accrue","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-accrue\/","title":{"rendered":"Accrue"},"content":{"rendered":"<h2>IRS Definition<\/h2>\n<p>If an unpaid balance remains on your account, interest (and any applicable penalties) will continue to accrue until the account is full paid.<\/p>\n<h2>More from H&amp;R Block<\/h2>\n<p><a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-irs-penalties\/\" target=\"_blank\" rel=\"noopener\">Penalties<\/a> and interest accrue (grow) over time. As long as you have a tax bill that you haven&#8217;t paid, interest and penalties will accrue on the balance.<\/p>\n<p>For example:<\/p>\n<ul>\n<li>Interest is 4% a year, and your tax balance is $10,000. The interest for Month 1 is $33, so your unpaid balance is now $10,033.<\/li>\n<li>For Month 2, interest is calculated on $10,033, so the interest is $33.11, and the new balance is $10,066.11, and so on.<\/li>\n<\/ul>\n<p>Accruals add up quickly, so it&#8217;s best to pay as much as you can, as fast as you can to reduce the penalties and interest that you will pay.<\/p>\n<p><a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/bill-for-unpaid-taxes\/\">Learn what to do if you can&#8217;t pay your taxes.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IRS Definition If an unpaid balance remains on your account, interest (and any applicable penalties) will continue to accrue until the account is full paid. More from H&amp;R Block Penalties and interest accrue (grow) over time. As long as you have a tax bill that you haven&#8217;t paid, interest and penalties will accrue on the [&hellip;]<\/p>\n","protected":false},"author":605,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,51],"tags":[],"class_list":["post-28316","post","type-post","status-publish","format-standard","hentry","category-irs","category-audits-and-tax-notices"],"acf":[],"yoast_head":"<title>Tax Dictionary - Accrue | H&amp;R Block<\/title>\n<meta name=\"description\" content=\"Wondering what the IRS means when it says penalties and interest will accrue? 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