If you have overdue sales tax, the interest rate and penalties can be quite staggering. Delinquent taxes accrue interest beginning on the 61st day after the due date until paid. For 2015, the interest rate on taxes owed is 4.25 percent. Refund claims filed with the Comptroller’s office accrue credit interest at either Treasury Pool rate or Prime +1, whichever is less. The interest begins to accrue 60 days after the date of the payment or the due date of the tax report, whichever is later.
For example, a texas sales tax liability of $50000.00, will accrue the following interest over a 24 month period:
Principal liability: $50,000.00
Regular Payment amount: $2,176.81
*Total Repaid: $52,243.44
*Total Interest Paid: $2,243.44